Bloomberg notes in a feature on CIT Group CEO John Thain that the former Merrill Lynch chief executive is helping bring back bank deals.
Bloomberg said that CIT’s $3.4 billion deal to buy OneWest Bank is among the industry’s largest, signaling rebounds for the lender and Thain’s career. By buying OneWest, CIT can access more retail deposits, cheaper funding that can help boost profitability, Bloomberg notes.
Bloomberg quotes an analyst at BTIG as saying, “We believe that the primary reason why John Thain took the CEO job at CIT Group was as a means of reinstating his reputation.” The analyst added, “He has demonstrated his ability to turn around a company.”
To view the full Bloomberg report, click here.
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