Mnuchin Leaves CIT Board
December 02 2016 - 10:10AM
Dow Jones News
Steven Mnuchin, Donald Trump's choice to be the next Treasury
secretary, left the Board of CIT Group Inc. on Friday.
Mr. Mnuchin has been a director at the regional bank since
August 2015 after CIT bought OneWest Bank NA's parent company for
$3.4 billion. At the end of 2008, in the midst of the financial
crisis, Mr. Mnuchin persuaded the FDIC to sell IndyMac Bankfor
about $1.5 billion to him and other investors. He became chairman
and chief executive of the bank that was eventually renamed
OneWest.
As of February, Mr. Mnuchin owned 2.47 million shares of CIT,
according to company filings.
Mr. Mnuchin has said that at Treasury he would focus on rolling
back parts of the landmark 2010 Dodd-Frank financial overhaul law
enacted in the wake of the financial crisis. Regional banks in
particular have been lobbying for relief from Dodd-Frank.
After decades as a financier specializing in niche lending like
leasing airplanes, CIT has been working to remake itself-and
improve shareholder returns by divesting assets and becoming a more
traditional bank.
CIT shares, up 4% this year, were inactive in premarket
trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
December 02, 2016 09:55 ET (14:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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