All rights reserved. Jon Stewart to Return to Television With New Apple TV+ Series. The long-term question facing the exchange is whether the floor can survive in some form. The Associated Press identified Thain, who received $83.1 million, as one of the best paid executives of S&P 500 companies in 2007. Uber declined to comment. Gasparino added that Thain's future at Bank of America was in doubt, although it was not certain whether he would be leaving. The Sexiest Show on Television Is About … Chess? Its primary financial services revolve around commercial banking, wealth management, and investment banking.  Vice President Joe Biden also said the bonuses "offends the sensibilities. 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. In June, a vote of the Goldman partners broke the stalemate at the top of the firm. "The American people need to be greatly assured that their hard-earned money is not going to the bonuses or the remodeling of an office at a bank that's in trouble," Gibbs said. How Trump Failed to Make This a ‘Choice’ Election. Then, just like that, the old rapport vanished. John A. Thain, who will retire as chief executive of the CIT Group in March, has had plenty of ups and downs in his career on Wall Street. It was doing business in investment banking, equity and fixed-income sales and trading, research, investment management, private equity, and private banking. By mid-1998, Thain had taken to bad-mouthing his old mentor to colleagues. CtW said the union-sponsored pension funds it works with have more than $250 billion in assets under management and "intend to become substantial" shareholders in Uber. It’s a memento from the day last year when the Warner Music Group went public. “I told Jon, ‘Put someone else on the executive committee immediately,’ ” says one former ally. But to the careful observer, there were signs of weakness. Most obvious was the scandal surrounding Grasso’s outsize pay package, but the problem was bigger than that. The New York Stock Exchange can feel like one big game of TEGWAR. It didn’t help that in the midst of this the Securities and Exchange Commission had announced it was investigating seven of the NYSE’s specialist firms. 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When at Goldman, he’d been critical of the exchange’s uncanny knack for holding off modernity. “The question is,” Sax said over the din, “with the costs going up on the floor of the exchange for the floor brokers, and a number of people being laid off on the floor, the question is, will that, you know, be a concern maybe that can be addressed?”. The estimated Net Worth of John A Thain is at least $13.9 Million dollars as of 4 February 2016. In August 2018, Thain put his deep rolodex to use by helping to find one of Uber's missing pieces: a credible chief financial officer. Goldman’s 85 Broad Street headquarters had become the backdrop for a high-stakes game of Survivor. It is shameful. Neither, in turn, would hundreds of thousands of other jobs: A 2005 report by the state comptroller’s office found that each new Wall Street hire creates three additional jobs in the New York metro area. John Thain Net Worth: John Thain is an American investment banker, business executive and currently chairman and CEO of the CIT Group who has a net worth of $100 million dollars. "We believe that Thain's close relationship with Chai may inhibit him from effectively evaluating Chai's performance as CFO," CtW wrote. “We have many, many stocks that would trade terribly electronically,” he says. It’s a little like a sign you might see for discounted bagels late in the afternoon at Au Bon Pain. “Well, first of all, I believe the answer is absolutely yes. Thain subsequently apologized for his lapse in judgment, and reimbursed the company in full for the costs. The Bank of America Corporation is an American multinational investment bank and financial services company headquartered in Charlotte, with central hubs in New York City, London, Hong Kong, Dallas, and Toronto. “There was no due process,” says one floor critic. The brokers and specialists thought Thain owed it to him. The company also operates Merrill Edge, an electronic trading platform. Thain even won converts among the brokers who had no ownership stake—which is to say, the people who had nothing to gain, and everything to lose, from the merger and IPO. Thain’s eventual response to the anxiety on the floor was some parts ingenious, some parts obvious: a hybrid trading system—fittingly dubbed “Hybrid”—that gave customers a choice. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Benmosche is best known for his leadership at AIG, where he led a turnaround, improved profits 60% year over year, and paid down government aid pledged by the Bush and Obama Administrations. “[Corzine] was one of his sponsors to move him up to the executive committee,” recalls Zuckerberg. While Thain saved Merrill Lynch, the sale cost Bank of America shareholders dearly and required hefty support from the federal government. Upon joining Merrill Lynch, Thain received a $15 million signing bonus. The Carmen and John Thain Center for Prenatal Pediatrics; At the Carmen and John Thain Center for Prenatal Pediatrics at NewYork-Presbyterian/Morgan Stanley Children's Hospital, you can receive all of your care in one convenient location. Founded in San Francisco, Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998. It featured James Cromwell, Ben Daniels, Corey Johnson, Michael Landes and James Bolam. Thain did not respond to inquiries. The advantage of humans is that they can usually scare one up. “If you think Covid is a big deal, then you are not voting for the president,” a Trump ally said this week, forfeiting 65 percent of the electorate. The hybrid system “allows me to represent my customer better,” says Doreen Mogavero, who runs a small brokerage firm with a presence on the floor. “I represent many brokers on the floor of the New York Stock Exchange,” Sax continued, before launching into a passionate monologue about how the proposed merger, along with Thain’s efforts to automate trading, could put him and his colleagues out of work. Specialists are the floor traders whose job it is to ensure that stocks trade smoothly, which means they buy when no one else is buying and sell when no one else is selling. Ellen R. Alemany, former head of the Americas division of Royal Bank of Scotland, will replace Thain as CEO. Not long before the close of trading, McCooey picks up a dog-eared piece of laminated paper and starts writing on it in erasable marker. The Grimmest Story You'll Hear Today about Wall Street Compensation, by Elliot Spritzer, September 27, 2012, Scrambled with Thain (or McCain) on a Roll, $2,300.00 MyRye.com, "Charles Gasparino: John Thain's Attempted Comeback", http://andheblogs.andyrush.net/wp-content/photos/expendability_star_trek.jpg, John Thain, taking over Merrill's helm, is no longer a prospect for the leaderless Citigroup – International Herald Tribune, At Merrill Lynch, accountability for a record loss on Wall Street – International Herald Tribune, "Merrill's John Thain to lead Bank of America unit", "Thain Spars With Board Over Bonus at Merrill", http://ridingtheelephant.blogs.fortune.cnn.com/2008/12/08/news/economy/Cuomo_Thain/?postversion=2008120817, "Thain says he will repay Bank of America for office renovation", "Big bonuses, costly commodes: Thain out at B of A", "Merrill Lynch CEO Thain Spent $1.22 Million On Office", "Commentary: CEO buys fancy curtains as the walls crumble", "Obama hints that missteps by Thain will haunt banks", "Obama Calls Wall Street Bonuses 'Shameful, "Obama calls $18B in Wall Street bonuses 'shameful, "Cuomo subpoenas Thain over Merrill bonuses", "CIT, emerging from bankruptcy, hires Thain as CEO", "CIT names ex-Merrill CEO Thain as chairman, CEO", "Wall Street Executives from the Financial Crisis of 2008: Where Are They Now? Eventually, the backlash grew so strong that CNBC’s Maria Bartiromo, the floor doyenne, called up Thain and asked him to reconsider. , On January 16, 2009, Bank of America announced that Merrill suffered an unexpected loss of $15 billion for the fourth quarter of 2008. The news got worse once Thain set up shop in his sixth-floor office. “Arca,” as it’s called on the floor, was also a public corporation, meaning that the acquisition could simultaneously make the NYSE public, too. John Alexander Thain (born May 26, 1955) is an American businessman, investment banker, and former  chair and CEO of the CIT Group.    Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. “I do remember thinking that, after 9/11 … if I could pick any one person to sit in that seat, I would have picked Thain,” says Dan Neidich, then a Goldman partner. In fact, there is one particular episode that doesn’t quite jibe with Thain’s record of earnest menschiness. Henry Winkler Helped Sylvester Stallone Keep ‘Rocky’, Specifically about “having two Black guys on television shows.”, Jaden Michael to Play Colin Kaepernick in Ava DuVernay Netflix Series, “I never thought I would be casting a young me in a show about my life.”, Hopes for a Stimulus Deal Before the Election Are Dead. He was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22, 2009. The blank-check company said its sponsor, Pine Island Sponsor LLC, is affiliated with Pine Island Capital Partners, a private equity firm founded in 2018 by John A. Thain and Philip A. Cooper. He formerly served as the chief financial officer of American financial services company Merrill Lynch and briefly as Bank of America's president for the Asia-Pacific region. Soon Paulson was ranting about Corzine as though he’d been a lifelong enemy—and in ways that sounded remarkably similar to Thain’s complaints. For these stocks, there’s no reason to forgo the speed of electricity. . And he’s not the least bit embarrassed about it! Fortunately for the John Thains of the world, rarely have the humans put up much of a fight. Millions of Americans are out of work. Earnest Stanley O'Neal is an American business executive who was formerly chairman and chief executive of Merrill Lynch having served in numerous senior management positions at the company prior to this appointment. John Thain was born on May 26, 1955 in Antioch, Illinois. Lewis was replaced by Brian Moynihan as president and CEO and Walter Massey as chairman of the board. 740 Park Avenue is a luxury cooperative apartment building on Park Avenue between East 71st and 72nd Streets in the Lenox Hill neighborhood of Manhattan, New York City, which was described in Business Insider in 2011 as "a legendary address" that was "at one time considered the most luxurious and powerful residential building in New York City".
October 28, 2020