John Thain Net Worth is$300 Million
Profession: Businessperson, Chief Executive Officer
Date of Birth: May 26, 1955
Nicknames: John A Thain, John Alexander Thain
Country: United States of America
Date of Birth: May 26, 1955
Nicknames: John A Thain, John Alexander Thain
Country: United States of America
John Thain is a businessman and investment banker with a net worth of over $1 billion. John Thain has earned his net worth as CEO of the New York Stock Exchange, his positions at Goldman Sachs, Merrill Lynch and his current positions as CEO and Chairman for the CIT Group. He was born in Antioch, Illinois, U.S.
John Alexander Thain (born May 26, 1955) is an American businessman, investment banker, and currently chairman and CEO of the TIT 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 the mortgage 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 received a $15 milli
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 the mortgage 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 received a $15 milli
John Thain Latest News
John Thain goes to ten out of ten with win
Light middleweight boxer John Thain made it a perfect ten as he edged out opponent Ryan Toms in Saturday night’s Rule Britannia card at Wembley Arena. The 25-year-old was fighting in his tenth professional bout of his career and was awarded victory by ...
Posted: April 22, 2013, 3:38 am
Small-business lender CIT's profit below estimates
CIT, led by former Goldman Sachs and Merrill Lynch executive John Thain, said noninterest expenses were $378.6 million, down 1.6 percent from a year earlier but up 4.5 percent from the fourth quarter of 2012. "Expenses are above our long-term ...
Posted: April 23, 2013, 6:41 am
Bruce Berkowitz Sells Entire CIT Stake, You Should Too
Marshall is a member of The Motley Fool Blog Network -- entries represent the personal opinion of the blogger and are not formally edited. According to Fairholme Fund's latest SEC filing, Bruce Berkowitz and his mutual fund has dumped ... Ladies and ...
Posted: May 8, 2013, 6:39 am
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