UPDATE 1-Citigroup says executives Stewart, McQuade to retire

Thu Mar 6, 2014 3:09pm EST

March 6 (Reuters) - Citigroup Inc said on Thursday that two long-time executives, Cece Stewart and Gene McQuade, are retiring from the company.

Stewart has been president of the U.S. Consumer & Commercial Banking business and McQuade has been chief executive officer of Citibank, N.A., one of the company's key legal entities.

Jane Fraser, who has been in charge of residential mortgage lending, will have an expanded role as CEO of U.S. Consumer & Commercial Banking.

Barbara Desoer, who has been chief operating officer of Citibank, N.A. will succeed McQuade as CEO of the entity.

McQuade has been nominated to be a director of the company and will stand for election to the board at Citigroup's annual meeting in April, the company said.

The changes were announced in a memo to employees from Citigroup CEO Mike Corbat which was provided to Reuters.

Corbat has been moving to reduce costs and streamline management since becoming CEO in October 2012.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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