Bloomberg reported CIT Group, the lender that struck a deal to buy Steven T. Mnuchin’s OneWest Bank, said the executive will be awarded an annual target compensation package of $4.5 million.

Bloomberg reported Mnuchin, chairman of OneWest’s parent IMB Holdco, will get a salary of at least $750,000 and bonuses contingent on the company’s performance. Mnuchin will become CIT’s vice chairman and join the board of the combined company, according to Bloomberg.

Additionally, Bloomberg reported Joseph Otting, OneWest’s CEO who will join CIT Bank as co-president, was awarded annual pay of $4.5 million in addition to $12.5 million in total restricted stock.

To view the full Bloomberg article, click here.

Previously on monitordaily: CIT to Acquire OneWest Bank