Daily News: December 10, 2015

WSJ: CIT’s Management Revamp Costs $60MM

The Wall Street Journal reported that CIT Group’s shift in management is proving to be a costly venture as the lender will pay a total of $60 million to departing executives, including John Thain.

CIT also revised the rules governing retirement to permit the distribution of millions in stock to John Thain, exiting CEO, according to the Journal.

In addition to Thain, CIT’s chief financial officer and co-presidents have also recently departed from the company.

The Journal noted that the $60 million payout is nearly one-tenth of CIT’s Q3/15 profit.