Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Search for Jobs

Index Last Change % Change
Dow 19,756.85 142.04 0.72%
Nasdaq 5,444.50 27.14 0.50%
S&P 500 2,259.53 13.34 0.59%
Treasuries 2.46 0.08 3.23%
Data as of 10:21pm ET
Company Price Change % Change
Bank of America Corp... 23.09 0.14 0.61%
Ford Motor Co 13.17 0.14 1.07%
Chesapeake Energy Co... 7.72 0.12 1.58%
Twenty-First Century... 28.21 -0.43 -1.50%
Apple Inc 113.95 1.83 1.63%
Data as of 4:15pm ET
Sponsors

Sections

Even Carl Icahn, one of President-elect Donald Trump's biggest cheerleaders on Wall Street, thinks the post-election exuberance in the stock market has gotten a bit out of hand. More

Republican leaders keep saying Obamacare is hurting the economy and killing jobs, but there's scant evidence for it. In fact, a number of studies show that the economy has been growing. More

Facebook admits it messed up more ad metrics than previously thought, potentially eroding its trust and relationship with marketers and publishers. More

The Los Angeles city attorney is suing four major retailers over claims that they deliberately inflated the original price on some items that misled customers into thinking they were getting a better deal. More