Thain takes helm at CIT
US financial services firm CIT has recruited former Merrill Lynch chief John Thain as chairman and chief executive officer. Thain takes over from Peter Tobin who had been acting as interim CEO for the firm, which provides finance to small businesses and middle market companies. Tobin will stay on as a director.
Thain’s appointment comes shortly after CIT filed for Chapter 11 bankruptcy protection, after its failed attempt to correct its increasing debt and loan losses. The company listed close to $65 billion in its bankruptcy filing, one of the largest cases on record, but was able to execute a quick restructuring after securing support from bondholders.
Thain was the key figure in brokering Merrill Lynch’s sale to Bank of America in September 2008, and stayed on at the firm after the merger was completed. Thain left BoA after he was criticised for passing $3.6 billion in bonuses to Merrill Lynch staff. Prior to Merrill Lynch, Thain was CEO of the New York Stock Exchange, but served the majority of his career at Goldman Sachs.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on People
Risk Management
Litigation threats seen delaying SEC climate disclosure rules
Efforts to demonstrate materiality of exposures to investment decision-making is taking longer than expected, say lawyers
Receive this by email