John Thain

John Thain became CEO of Merrill Lynch in November 2007 as the firm's losses from subprime mortgage exposure mounted. In September 2008, amid fears Merrill would face the same fate as Lehman Brothers, he negotiated an emergency sale to Bank of America for $50 billion. The deal was completed within 48 hours of Lehman's bankruptcy. However, the transaction became controversial when it emerged that Merrill had suffered additional massive losses and had paid billions in bonuses days before the deal closed. Thain resigned under pressure in January 2009. He previously modernized the NYSE as its CEO. After Merrill, Thain went on to lead CIT Group as CEO from 2010, guiding that commercial lending company through a successful recovery and strategic repositioning following its own 2009 bankruptcy, before stepping down after CIT's successful merger with FirstMeridian Bancorp.