According to a regulatory filing, CIT paid only 70% of former CIT chief executive John Thain’s target bonus of $1.75 million because he did not successfully integrate OneWest bank following the merger.
CIT announced several changes to its board of directors, appointing Ellen Alemany as chairwoman and nominating Michael Carpenter and John Oros for election to the board.
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.
Bloomberg noted in post based on a recent interview that CIT’s John Thain is not ruling out some other type of entrepreneurial role after becoming the unlikely Mr. Fix-It at CIT.
Bloomberg reported that CIT CEO John Thain believes the next financial crisis could originate from online lenders, hedge funds or other unregulated entities taking on some of the greatest credit risks.
Bloomberg reported in an interview on Bloomberg Television, that CIT CEO John Thain said the business lender has no plans to become a “serial acquirer” of financial firms.
Forbes notes in a recent article on CIT that after it took $2 billion in TARP funds and subsequently went bankrupt, it mounted a “stunning turnaround” after hiring John Thain to “clean up the mess.”
In an interview with Bloomberg, CIT CEO John Thain commented that with the big banks awash in deposits and not being able to generate attractive deposits, it is “obvious” that CIT would be an attractive takeover target.
In an interview with the Wall Street Journal, CIT Group chief executive officer John Thain talks about what attracted him to CIT and what it’s been like over the past three years to preside over a business he didn’t really know well.