Thain Returns: Tarnished CIT Taps Ex-Merrill Chief as New CEO

CIT Group, a lender to small and medium-sized businesses, is giving John Thain a chance at career redemption. CIT took on scads of subprime mortgage debt during the 2000s, then filed for bankruptcy during the credit crisis. Now, The New York Times reports that Thain, who worked for Goldman Sachs Group (GS) and then led Merrill Lynch before Bank of America (BAC) bought it, is going to run CIT, which emerged from Chapter 11 two months ago.