1. John Alexander Thain was born on May 26,1955 and is an American financial executive and investment banker.
23 Facts About John Thain
1. 2.
John Thain was president and co-COO of Goldman Sachs, and then CEO of the New York Stock Exchange.
3.
John Thain was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22,2009.
4.
John Thain has been a board member of Uber since 2017.
5.
John Thain's father, Alan, was a doctor who has since handed his practice on to Thain's two brothers, Dennis and Robert, both general practitioners.
6.
John Thain earned a bachelor's degree in electrical engineering from MIT in 1977 and an MBA from Harvard Business School in 1979.
7.
John Thain 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.
8.
Nelson Chai, the CFO of the New York Stock Exchange under John Thain, followed his mentor to Merrill Lynch and assumed the same role as CFO.
9.
John Thain arranged the sale of Merrill to Bank of America at $29 per share, a 70 percent premium over the market price.
10.
John Thain was expected to be president of global banking, securities and wealth management, a new division at Bank of America, to oversee its corporate and investment bank and most of wealth management business.
11.
The firm announced that John Thain would receive at least $50 million a year and could be paid as much as $120 million a year, based on the company's stock price.
12.
In that year, John Thain earned a total compensation of $83,785,021, which included a base salary of $750,000, a cash bonus of $15 million, stock grant of $33,013,151, and options grant of $35,017,421.
13.
John Thain suggested to the directors that he receive a bonus in 2008 of as much as $10 million, because he "saved Merrill" by selling it off to Bank of America.
14.
John Thain subsequently apologized for his lapse in judgment, and reimbursed the company in full for the costs.
15.
John Thain accelerated approximately $4 billion in bonus payments to employees at Merrill just prior to the close of the deal with Bank of America.
16.
Sheila Bair, chair of the FDIC reported that during a meeting with the Treasury secretary at the depth of the financial panic, John Thain asked the secretary if the TARP program would impact his compensation.
17.
People close to Lewis say his relationship with John Thain was strained by Merrill's massive fourth quarter loss.
18.
On January 22,2009, on CNBC's The Call, Charlie Gasparino said that John Thain was going to meet Lewis later in the day.
19.
Gasparino then said that John Thain spent $1.22 million to refurbish his office, shortly after he had been named as CEO of Merrill in January 2008.
20.
On October 21,2015, CIT Group announced that John Thain will retire effective March 31,2016, and will continue as chairman.
21.
John Thain is active in social work and was gala co-chair for a Publicolor event in New York City that honored Rick Segal, Publicolor's former board chair.
22.
John Thain has a house on North Captiva Island in south west Florida.
23.
In 2015, John Thain contributed $205,000 to the pro-Jeb Bush Super PAC Right to Rise.