Thain's Massive Pay Cut

Thain, a longtime Goldman executive, got credit for turning around NYSE Euronext, though the fact that the stock has collapsed since he left in late 2007 also suggests his timing couldn't have been better. Thain also showed good timing at Merrill, selling the company to Bank of America (BAC) in September 2008 for $50 billion when shareholders could easily have ended up getting wiped out.

CIT Group shareholders, of course, are counting on a long-term rebuilding effort, and they don't appear to be wowed by the hire. After bidding up the stock more than 4% Monday morning, it was up less than 1% by the early afternoon. The CRT analysts note the new job is a bit of a departure for Thain, as he has never run a deposit-focused lender.

-- Written by Dan Freed in New York.

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