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

John A Thain Latest News

Back From Bankruptcy: CIT And John Thain's Stunning Turnaround

Wall Street is a forgiving place. How else would you explain the stunning turnaround of former Merrill Lynch CEO John Thain and the once bankrupt CIT Group? Well, a healthy business helps too. CIT took some $2 billion in TARP funds in 2009 then filed for ...
Posted: August 9, 2013, 8:12 am

Scotland’s Josh Taylor is a special talent

Sparring with the likes of up and coming pros John Thain, Tommy Philbin, and Lewis Benson on a regular basis helped shape the foundations upon which Shane McGuigan has been able to work since he turned pro after taking the gold medal at the 2014 ...
Posted: October 22, 2016, 8:18 am

Goldman Sachs Group Inc. (GS) Rating Reiterated by BMO Capital Markets

The insider owns 3,230,024 shares which have current market value of around $524.01.John A. Thain is another major inside shareholder in the company. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be ...
Posted: October 25, 2016, 1:33 pm
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