Merrill Lynch Hires Eugene M. McQuade as Vice Chairman and President of U.S. Banking Operations

February 25, 2008


Merrill Lynch Hires Eugene M. McQuade as Vice Chairman and President of U.S. Banking Operations

Appointment Underscores Firm’s Commitment to Further Develop Industry-Leading Bank Platform

NEW YORK--(BUSINESS WIRE)--Merrill Lynch (NYSE: MER) announced today that it has appointed Eugene M. McQuade vice chairman and president of Merrill Lynch’s U.S. banks. In this new position, Mr. McQuade will be responsible for all U.S. banking operations, including Merrill Lynch Bank USA (MLBUSA) and Merrill Lynch Bank & Trust Co., FSB (MLBT). He will report to Robert J. McCann, president of Global Wealth Management at Merrill Lynch, and join the Global Wealth Management Executive Committee.

“I am very pleased to welcome Gene to Merrill Lynch,” said John A. Thain, chairman and chief executive officer of Merrill Lynch. “Gene’s appointment underscores the importance we place on banking and the tremendous business opportunities it creates for our franchise. He is an outstanding executive with deep experience in the banking industry and we will look to his leadership as we further develop and implement our strategy for the bank group.”

Prior to joining Merrill Lynch, Mr. McQuade was president and chief operating officer of Freddie Mac. He has also served as president of Bank of America Corporation, president and chief operating officer of FleetBoston Financial, and executive vice president and controller of Manufacturers Hanover Corp., a predecessor of J.P. Morgan Chase. Mr. McQuade began his career at KPMG Peat Marwick in New York.

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of almost $2 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.


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