Daily News: October 23, 2015

Thain’s Fixing Days Are Over After Third Turnaround Effort


Bloomberg notes in a report based on a recent interview that, looking back, John Thain figures he could’ve fixed Merrill Lynch. As the world knows, he didn’t. But after the brokerage collapsed into the arms of Bank of America and Thain was cast out, he became the unlikely Mr. Fix-It at CIT Group.

Bloomberg notes the CIT job was Thain’s third stint as a turnaround CEO; he also oversaw a transition at the New York Stock Exchange, taking the company public in 2006 and leading it through a $14 billion merger with Euronext NV.

Bloomberg said the CIT chief executive is not ruling out some other type of entrepreneurial role, and quotes Thain as saying, “My last three jobs have been fixing. If you gave me that choice, I would choose building,” he said. “Growing something in general or something in the technology space more broadly would be interesting to me.”