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

John Thain Finally Reveals What Was Wrong With Stan O'Neal's Office

When John Thain was ridiculed last January for spending one million dollars to redecorate the chief executives office at Merrill Lynch just months before the bank collapsed, he attempted to defend himself by explaining that his predecessor had left it in ...
Posted: September 22, 2009, 4:42 am

After Turmoil at Merrill, Thain Will Lead CIT

Update | 7:32 a.m. Over his 30-year career, John A. Thain has risen to top executive positions at Goldman Sachs, the New York Stock Exchange and Merrill Lynch. On Monday, he will start over at a humbler institution: the CIT Group, the lender to small and ...
Posted: February 7, 2010, 1:29 pm

CIT Announces Changes to Board of Directors

Alemany has been appointed Chairwoman effective after John A. Thain’s retirement as Chairman following the Company’s 2016 Annual Meeting of Stockholders (“Annual Meeting”), which is scheduled for May 10, 2016. Ms. Alemany has been a member of CIT ...
Posted: February 19, 2016, 2:56 pm
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