He attended Harvard University and graduated with a degree in electrical engineering and economics. Thain began his career at Goldman Sachs in 1983 and rose to become the firm's president and chief operating officer in 1999. He left Goldman Sachs in 2003 to become the chairman and CEO of the New York Stock Exchange. In 2008, he became the CEO of Merrill Lynch and was responsible for the company's sale to Bank of America. In 2015, Thain joined the CIT Group as chairman and CEO.
John Thain is an American investment banker and business executive with a net worth of $100 million. Born in 1955 in Antioch, Illinois, Thain attended Harvard University and graduated with a degree in electrical engineering and economics. He began his career at Goldman Sachs in 1983 and rose to become the firm's president and chief operating officer in 1999. In 2008, he became the CEO of Merrill Lynch and was responsible for the company's sale to Bank of America. In 2015, Thain joined the CIT Group as chairman and CEO.
John Thain is a member of Wall Street
💰John Thain Net worth: $100 Million
He earned a bachelor's degree in electrical engineering from MIT in 1977, where he was a member of Delta Upsilon fraternity; and an MBA from Harvard Business School in 1979. Thain was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America. Thain arranged the sale of Merrill to Bank of America at $29 per share, a 70 percent premium over the market price. The deal valued the brokerage at $50 billion.
He was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22, 2009 in the wake of several controversies, specifically the huge executive bonuses paid out at the height of the banking crisis. Before Merrill Lynch, he was the CEO of the New York Stock Exchange from January 2004 to December 2007.
He also worked at Goldman Sachs, as head of its mortgage securities division from 1985 to 1990, and president and co-chief operating officer from 1999 to 2004. On the evening of February 7, 2010, CIT Group announced that it was hiring Thain to replace interim CEO Peter Tobin immediately.
