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

Timeline: The Rise and Fall and Rise of John Thain

John A. Thain, who will retire as chief executive of the CIT Group in March, has had plenty of ups and downs in his career on Wall Street. After guiding CIT’s transformation into more of a commercial bank, he will apparently be stepping down on a high note.
Posted: October 22, 2015, 2:46 am

CIT Group (CIT) John A. Thain on Q3 2015 Results - Earnings Call Transcript

Eric Beardsley - Goldman Sachs & Co. Arren Cyganovich - D. A. Davidson & Co. David Hochstim - The Buckingham Research Group, Inc. Vincent Albert Caintic - Macquarie Capital (USA), Inc. Yuman Lui - Nomura Securities International, Inc. Christopher Brendler ...
Posted: November 3, 2015, 12:00 am

John Thain

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 ...
Posted: May 14, 2016, 5:00 pm

Thain Speaks Out in Defense of Himself

John A. Thain wants you to know that a lot of what you’ve heard is wrong. In an interview on CNBC’s “Closing Bell with Maria Bartiromo,” the former Merrill Lynch chairman and chief executive argued that the more than $15 billion in losses that his ...
Posted: January 25, 2009, 8:45 pm

The shaming of John Thain

John Thain is giving us a tour of what is soon to become America’s most infamous office, with its $87,000 rug, $68,000 sideboard, $28,000 curtains – all part of a $1.2m redecoration scheme. This was early December, a little under two months before ...
Posted: July 28, 2017, 2:39 am
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