Business lender CIT Group said Monday it would prepay 750 million dollars on its 7. 5 billion dollars in debt, marking a step toward recovery under the new leadership of Wall Street heavyweight John Thain. Thain, a former head of Wall Street investment bank Merrill Lynch, on Monday took the reins earlier in the day as chief executive and chairman of CIT, a major business lender that recently emerged from bankruptcy.

John Thain, former head of Wall Street investment bank Merrill Lynch, took the reins Monday of CIT Group, a major business lender that recently emerged from bankruptcy. Thain, who resigned from Merrill 13 months ago just after its acquisition by Bank of America, was elected chief executive and chairman by the CIT board of directors, effective immediately.

The board of directors of CIT Group, a provider of financing to small and medium businesses, has selected John Thain to be chairman and chief executive officer of the company. The decision, announced Sunday, takes effect immediately. Thain, who previously headed investment firm Merrill Lynch, replaces Peter Tobin, who has been acting as interim CEO.

NEW YORK, Nov 14, 2007 (AFP) - John Thain, the next head of troubled investment bank Merrill Lynch, is a dean of US finance who forged the merger of the New York Stock Exchange and Euronext into the world's largest stock market operator.