CIT hope to acquire new CEO
(10 February 2010 – USA) Unceremoniously ousted banker, John Thain, looks set to take the banking stage again as the new chief executive officer of CIT Group, the New York Post reported.
CIT has been looking for a new chief executive officer to replace Jeffrey Peek, who resigned after failing to diversify the company beyond small business lending.
Just over a year ago Mr Thain, former Merrill Lynch chief executive officer, was dumped by former Bank of America boss Ken Lewis following, revelations that Merrill suffered billions in losses ahead of BoA’s acquisition of the bank.
Mr Lewis was challenged with allegations he hid the losses from the BoA’s investors and resulted in Mr Lewis resigning from the position of CEO.
It was announced last week that the New York Attorney General had filed fraud charges against the former CEO in relation to those charges.
Just over a year ago Mr Thain, former Merrill Lynch chief executive officer, was dumped by former Bank of America boss Ken Lewis following, revelations that Merrill suffered billions in losses ahead of BoA’s acquisition of the bank.
Mr Lewis was challenged with allegations he hid the losses from the BoA’s investors and resulted in Mr Lewis resigning from the position of CEO.
It was announced last week that the New York Attorney General had filed fraud charges against the former CEO in relation to those charges.
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