Ex-Merrill Lynch Chief Thain Named as New CIT CEO

John ThainIt's official. After numerous reports that he was a leading candidate, former Merrill Lynch CEO John Thain clinches the top job at struggling lender CIT. CIT ran into trouble a year ago as its investment in subprime mortgage paper and other derivatives damaged the value of its balance sheet so badly that it had to file for Chapter 11 bankruptcy. According toThe Wall Street Journal, Thain will make a $500,000 base salary and get $5.5 million in restricted stock.
Read Full Story
  • DJI26833.9545.850.17%
    NASDAQ8119.7915.500.19%
  • NIKKEI 22522757.57132.190.58%
    Hang Seng26678.27111.540.42%
    DAX12798.1943.500.34%
  • USD (PER EUR)1.110.00050.04%
    USD (PER CHF)1.01-0.0003-0.03%
    JPY (PER USD)108.61-0.0580-0.05%
    GBP (PER USD)1.290.00020.01%