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Thain to Make Career Decision Amid Reports About CIT
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Former Merrill Lynch CEO John Thain will probably make a career decision in the next month, a source told CNBC Tuesday. This word comes amid reports that Thain has had talks with CIT Group to take over the top spot there and replace outgoing CEO Jeffrey Peek.
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CNBC.com John Thain |
The source says Thain has had numerous opportunities and preliminary discussions for jobs in the private and public sector. But the source did not offer specifics on those opportunities.
CIT Group [CIT
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] recently emerged from bankruptcy and has had talks with Thain, according to Bloomberg news. A CIT spokesman said the search for his replacement is ongoing but did not confirm any contact with Thain.
CIT is looking to re-establish itself as a lender to small and medium-sized businesses after a disastrous foray into subprime lending earlier this decade.
Peek had planned to retire at the end of last year, but last month he pushed his retirement back by a few weeks. He retires as CEO of Cit on January 15th.
Thain told Reuters in November that he was looking for a job in private equity or with a public company.
Thain was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America [BAC
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]. He was designated to become president of global banking, securities, and wealth management at the newly combined company, but he resigned on January 22, 2009.
Ken Lewis, former CEO of Bank of America, reportedly forced Thain to resign after losses at Merrill Lynch proved to be far larger than the due diligence team at Bank of America had estimated.
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