John Thain Net Worth

John Thain Net Worth

John Thain Net Worth, Birthday, Birthplace, Age, And Bio

Net Worth:$100 MillionBirthdate:May 26, 1955 (69 years old)Gender:MaleProfession:BusinesspersonNationality:United States of America

John Thain, an American investment banker, business executive, and current chairman and CEO of the CIT Group, has a net worth of $100 million dollars.

Antioch, Illinois was the birthplace of John Thain on May 26, 1955.

After graduating with a bachelor’s degree in electrical engineering from MIT in 1977 and joining the Delta Upsilon fraternity, he completed an MBA program at Harvard Business School in 1979.

Prior to its merger with Bank of America, Thain held the position of Merrill Lynch’s last chairman and chief executive officer.

Merrill was sold to Bank of America by Thain at a price of $29 per share, which was 70 percent higher than the market price. The transaction estimated the brokerage firm to be worth $50 billion.

He was selected to assume the role of president of global banking, securities, and wealth management at the newly merged company, but he resigned on January 22, 2009, due to a series of controversies, including those related to the generous executive bonuses given during the height of the banking crisis.

He held the position of CEO of the New York Stock Exchange from January 2004 to December 2007 before being replaced by Merrill Lynch.

Additionally, he held the position of head of the mortgage securities division at Goldman Sachs from 1985 to 1990 and later as the president and co-chief operating officer from 1999 to 2004.

Thain was reportedly hired by CIT Group on February 7, 2010, to take over from interim CEO Peter Tobin.