Former Merrill chief tapped to head CIT



LONDON (CNNMoney.com) -- Former Merrill Lynch CEO John Thain has been tapped to lead struggling lender CIT Group.

CIT (CIT, Fortune 500), the small business lender that emerged from bankruptcy in December, announced Sunday that it had chosen Thain to be its chairman and CEO.

john_thain_080915.03.jpg
John Thain

Thain held the top post at Merrill before it was sold to Bank of America (BAC, Fortune 500) in September 2008 during the height of the financial crisis, a deal that Thain helped broker.

He left Bank of America in January of last year amid outrage over the deal and bonus controversy as well as reports of lavish spending, including reports that he had spent $1.22 million in early 2008 to redecorate his office at Merrill.

CIT said Thain was the right leader to head the company as it transitions into becoming a "more streamlined commercial lender."

An important lender to small and expanding businesses, CIT was hit hard during the financial crisis, and its collapse late last year left many small firms scrambling to find funds to keep their companies running.

The lender exited bankruptcy fairly quickly and says it is set on getting back into the lending game.

Thain, whose career includes several years at Goldman Sachs (GS, Fortune 500) as well as serving as CEO of the New York Stock Exchange, said in a statement that he was pleased to be leading the newly organized CIT.

"Much has been accomplished in recent months to position CIT for renewed success. We will build upon this progress and work even harder to support small and mid-market businesses," he said. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 11:41am ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.19 -0.02 -0.09%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Sponsors

Sections

Spencer has been a supporting member of the "Good Morning America" cast for the past three years. More

Obamacare sign ups hit 8 million, though final enrollment remains to be seen. More

Office for iPad move is a symbolic victory for Nadella's Microsoft, but the company is still weighed down by many of the same old issues. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

As Detroit moves closer to reaching a bankruptcy deal, retired civilian workers are poised to be left worse off than firemen and police officers. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.