John Thain Net Worth

Net Worth: $1 Billion
  • Source of Wealth:

    CIR Group, Merrill Lynch
  • Age:

  • Birth Place:

    Antioch, Illinois
  • Marital Status:

    Married (Carmen Thain)
  • Full Name:

    John Alexander Thain
  • Nationality:

    United States
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About John Alexander Thain

Currently serving as the Chief Executive Officer and Chairman of CIT Group, John Thain is an American investment banker and businessman with an estimated net worth of $1 billion  as of 2012.

From 1985 through 1990, John Thain worked for Goldman Sachs as head of mortgage securities division and from 1999 through 2004, he worked as the chief co-operating officer and president of the company. After his stint with Goldman Sachs, he served as the Chief Executive Officer of the New York Stock Exchange. He served the position from January 2004 until December 2007.

Later on, he became the CEO and chairman of Merrill Lynch, and he was the last executive to serve such positions before the company merged with Bank of America. After the merging, he was assigned as global banking, securities, and wealth management's president but he opted to resign in 2009. Bank of America's CEO Ken Lewis was reported to have forced Thain to step down from his position because of the several controversies he was involved in. These issues included the significant losses the company incurred which was larger than estimated as well as the huge amount of bonuses awarded to executives.

John Thain was born on May 26, 1955 in Antioch, Illinois. He is married to Carmen with whom he has two sons and two daughters.