Thain Sees ‘Obvious’ Logic of CIT Sale to Deposit-Rich Bank
In an interview with Bloomberg, CIT Group chief executive officer John Thain, whose lending firm has drawn takeover speculation, was quoted as saying, “The big banks are awash in deposits and they can’t generate attractive assets. We, in all our businesses, are able to generate very high-yielding, attractive assets, so the logic of that is ‘obvious.'”
Bloomberg said that Thain declined to say if a deal for the commercial lender has been discussed. Regulators last month lifted sanctions that restricted dividends, buybacks and hiring, which analysts said would make CIT more attractive to suitors.
To read the Bloomberg story click here.