Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

UPDATE 1-CIT Group CEO John Thain to retire next year

Published 2015-10-21, 05:12 p/m
© Reuters. UPDATE 1-CIT Group CEO John Thain to retire next year
BAC
-
NWG
-

(Adds details, background)
Oct 21 (Reuters) - U.S. small-business lender CIT Group Inc
CIT.N said Chief Executive John Thain will retire effective
March 31, and will be replaced by board member Ellen Alemany.
Sixty-year-old Thain, who headed Merrill Lynch before it was
sold to Bank of America Corp (N:BAC) BAC.N at the height of the
financial crisis, was appointed CEO in February 2010 to get CIT
back on track after its bankruptcy.
Since then, CIT has increased its reliance on deposit
funding and has wiped out more than $30 billion of high-cost
debt, reducing its funding costs.
The company also said on Wednesday it would explore
strategic alternatives for its $10 billion commercial air unit
and sell its CIT Canada and CIT China businesses to help with
its transition to a U.S. commercial bank. urn:newsml:reuters.com:*:nBw1pb5Xda
CIT, which announced in July it would buy California bank
OneWest Bank NA for $3.4 billion, said the divestitures would
help it simplify its bank-centric business model.
CIT said Thain, also a former chief executive of the New
York Stock Exchange, would remain as chairman and Alemany would
be appointed vice chairman in November. urn:newsml:reuters.com:*:nBw1hLWgja
Alemany, a former CEO of Royal Bank of Scotland Group Plc's
RBS.L Americas unit, has been a director at CIT since January
2014.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.