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 [...]
Ken Lewis retires from Bank of America
Lewis took a bank in good shape into the credit crunch – and steered it into a position of needing a $45bn bailout
Bank of America’s chief executive, Ken Lewis, dubbed the “ironic hero” of the credit crunch – a well-meaning figure who stumbled from crisis to crisis – is finally bowing out.
Besieged by regulatory investigations [...]
Dark days when banks reached brink of oblivion
After Lehman Brothers collapsed a year ago, financial contagion spread like a virus around the world. Here Jill Treanor and Larry Elliott tell the inside story of the manoeuvres to save British banking
Sir Fred Goodwin went white and silent. The terms of the government’s plan to rescue the British banking system from systemic collapse were [...]
