Merrill Lynch’s John Thain lands new job
• Thain was criticised over bonuses and expensive office refurbishment • New role as head of CIT, troubled US lender, could net him $5.5m in shares
John Thain, the former boss of Merrill Lynch, returned to the business world today when he was named as chief executive of troubled US commercial lender CIT Group.
The company announced [...]
US businesses at risk as lender CIT Group files for bankruptcy
• Restructure enables CIT to cut debt and continue trading• US taxpayers stand to lose last year’s $2.3bn state bailout
Thousands of small and medium-sized businesses in the US face financial difficulties and could go out of business after lender CIT Group filed for bankruptcy protection last night.
Although the company will keep operating, it is unlikely [...]
