Banking, finance, and taxes
Shamed Wall St. Ex-CEO Thain May Run CIT (CIT)
Published:
Last Updated:
John Thain, former co-president of Goldman Sachs (NYSE:GS) and CEO of The New York Stock Exchange and Merrill Lynch, who was virtually shamed into retirement after Merrill was bought by Bank of America (NYSE:BAC), may become head of CIT (NYSE:CIT). CIT nearly collapsed last year. It is the largest single private lender to small businesses in the United States.
Several media reports say that Thain could take the top job at CIT, which moved out of Chapter 11 recently and has struggled to become a viable lender again, almost immediately. The fact that CIT will turn to Thain is a sign it has not turned around at all. To make believers out of Wall St. and CIT clients, it has to do better.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
