It’s official. John Thain is set to take over as CEO of troubled CIT, according to WSJ.
Reports to this effect had emerged in recent weeks, and it represents a pretty incredible comeback for Thain, who was unceremoniously booted from Bank of America following reports of his luxurious office, as well as gigantic losses at the once iconic institution (Merrill).
For CIT it represents a bet that Thain, despite his reputation, knows a hell of a lot about the industry, and what it will take to turn the ship around.
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