Mr Thain will continue CIT’s transition to a streamlined commercial lender focused on serving the small business and middle market sectors and optimizing the company’s business model.
Mr Thain previously served as chairman and CEO of Merrill Lynch until its sale to Bank of America. Prior to that, he held the position of CEO of the NYSE, where he presided over the exchange’s global transformation into a publicly-traded entity. He spent the majority of his career at Goldman Sachs group, where he rose to president and chief operating officer.
John Ryan, board director of CIT Group, said: “Mr Thain is a well respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage. CIT and its customers will benefit enormously from his breadth of experience, industry acumen and deep knowledge of the financial services sector. We have the utmost confidence in him and are pleased to welcome him to CIT.”
Mr Thain said: “I am pleased to have the opportunity to lead the newly reorganized 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. CIT can and will serve an important role in the recovery of the US economy and the creation of jobs.”
