FleetBoston Financial Corp.,
the seventh-largest U.S. bank, named Eugene McQuade president and
chief operating officer, the company said in a news release.
McQuade, 53, is being promoted from chief financial officer.
Chief Executive Officer Charles Gifford, 59, will give up the
president’s position and assume the role of chairman at the end of
the year. H. Jay Sarles, 57, will become chief administrative
officer. Fleet’s operating businesses will report to McQuade and
the staff functions will report to Sarles.
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FleetBoston is shuffling management as its stock price has
fallen 33 percent this year and it has lost $2.3 billion in
Argentina since last year. The bank is the worst performer among
the 24 U.S. banks in the Philadelphia KBW Bank Index.
FleetBoston had a loss of $386 million in the second quarter
as telecommunications companies defaulted on debts and the bank
set aside more money because Argentina defaulted on its bonds and
devalued its currency.
Bloomberg News
