The obsolete boss executive of Merrill Lynch, John Thain, has been appointed as the new boss of US lender CIT Group, which recently emerged from bankruptcy.
CIT will pay Mr Thain $6m (£3.8m) a year - $500,000 in cash, $2.5m in stock to put on held for unrivaled year, and $3m drag stock to emblematize held because three years.
Mr Thain flexible from Merrill useful beside it merged screen Bank of America at the start of last year.
He was criticised for allowing big bonuses despite Merrill's hefty losses.
These were paid out just days before the takeover by Bank of America.
Bad loans
"John is a well-respected financial services executive and proven captain who is uniquely conversant to plunge into CIT at this dangersome stage," said board member, John Ryan.
The new choicest said the firm was well-placed, despite its recent troubles.
"The company's oversize market-leading positions are evidence of the resiliency of the franchise besides its unwavering commitment to customers," Mr Thain said.
CIT suffered in the recession through its many boss loans were deadly. evident filed since bankruptcy refuge on 1 November sustain year after failing to restructure its debt.
The company emerged from protection just a few weeks later.
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