Daily News: June 7, 2013

Thain Talks About CIT in Interview with WSJ

In a wide ranging interview with the Wall Street Journal, CIT Group chief executive officer John Thain talks about the last three years at CIT and notes that the lifting of the written agreement with the Fed was the “last piece of fixing what was broken at CIT.”

When asked what attracted him to CIT, Thain told the Journal that the appeal was “an interesting set of businesses – they weren’t really businesses that…I knew well.”

When asked by the Journal if it was difficult to win back business the company lost as a result of its bankruptcy in 2009, Thain told the Journal that the business was not particularly damaged because the company was in bankruptcy for a relatively short time. However, Thain did say the one place CIT did lose some customers was in the factoring business. “We lost a number of customers to Wells [Fargo], and that has been proven difficult to get back”, he told the Journal.

To read the Wall Street Journal interview:
click here.