John A Thain Net Worth is12.4 $Million
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Birth Name: John Alexander Thain
Birth Date: 1955/5/26
Birth Place: Antioch, Illinois
Occupation: Chairman & CEO, CIT Grouptitle
Home Town: Antioch, IL
Salary: $6,000,000 Boards: Howard University, Yale, MIT Sloan, National Urban League, INSEAD
John Alexander Thain (born May 26, 1955) is an American businessman, investment banker, and currently chairman and CEO of the CIT Group.
Thain was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America. He was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22, 2009. Ken Lewis, CEO of Bank of America, reportedly forced Thain to step down after several controversies, such as the losses at Merrill Lynch which proved to be far larger than previously estimated, and the award of huge executive bonuses.
Thain has been nicknamed "Superman", due to his facial resemblance to the character's alter-ego Clark Kent.
Before he came to Merrill, Thain had been the CEO of the New York Stock Exchange from January 2004 to December 2007. He also worked at Goldman Sachs, as head of its mortgage securities division from 1985 to 1990, and president and co-chief operating officer from 1999 to 2004.
Thain reportedly was one of the runners-up to head Citigroup. Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis.
Thain arranged the sale of Merrill to Bank of America at $29 per share, a 70 percent premium over the market price. The deal valued the brokerage at $50 billion. Thain was expected to be president of global banking, securities and wealth management, a new division at Bank of America, to oversee its corporate and investment bank and most of wealth management business.
In December 2003, interim chairman John Reed at the New York Stock Exchange told The Wall Street Journal that Thain would be paid "a plain vanilla number", about $4 million a year including bonus, with no "strange retirement" program like the one former NYSE CEO Dick Grasso was given.
Upon joining Merrill Lynch, Thain

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John A Thain Latest News

Deutsche Bank announces massive job cuts as pressure mounts on the firm's executives

Deutsche Bank announced more details on its latest strategy change on Thursday. Achleitner spoke in front of shareholders, saying that U.S. banker John Thain had agreed to head up a new strategy committee on the bank's supervisory board. Christian Sewing ...
Posted: May 23, 2018, 11:31 pm

Deutsche Bank Announces Job Cuts; Chair Survives Removal Vote

Other changes include a new strategy committee on the bank’s supervisory board, to be led by John Thain. Christian Sewing, the new chief executive, said he would concentrate Deutsche’s investment banking business on Europe, reducing commitments in Asia ...
Posted: May 24, 2018, 3:37 pm

Deutsche Bank Says It Will Cut at Least 7,000 Jobs in Revamp

The committee will be headed by former Merrill Lynch CEO John Thain, provided shareholders confirm his appointment to the board later Thursday. The bank said the measures will help it reach a target of around a 10 percent post-tax return on tangible equity ...
Posted: May 24, 2018, 2:13 am
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