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