Jeff Peek

Jeffrey Peek is a finance industry executive.[1] He headed CIT Group from 2003 until it was reorganized following the 2008 financial crisis.[2]

Career

Peek joined CIT after being turned down as a potential CEO from Merrill Lynch, where he had been employed for almost 20 years, and a 19-month spell at Credit Suisse Group.[3] He was directly responsible for expanding CIT into lending subprime mortages and student loans. This made the company vulnerable to changes in the market, and following the financial crisis, the group plunged into debt. CIT lost £5 billion in the nine quarters up to fall 2009 under Peek's leadership. He resigned following an announcement from bondholders that the company would need to restructure $31 billion of debt. Following his resignation from CIT, the company's shares dropped by 85%, putting it close to bankruptcy.[4] He was replaced by former Merrill Lynch CEO John Thain. He was criticised for expanding CIT too quickly, but colleagues think he may have simply suffered from bad timing.[3]

Business Insider commented, "Humbled and hormone-deprived, Peek goes hat-in-hand to Washington, looking for taxpayer cash."[5] However, BI also said that "in going down this path, he was no different than many of his fellow chief executives on Wall Street."[6]

Peek is married to columnist and former investment analyst Liz Peek.[7] In 2009, she was mocked by the Wall Street Journal article for complaining anonymously about the couple needing to budget.[8]

In 2015, Peek was hired by Bank of America as an executive vice chairman.[3]

References

  1. ↑ "Jeff Peek". Bloomberg. Retrieved December 2, 2017.
  2. ↑ "How Jeff Peek destroyed CIT". Business Insider. July 14, 2009. Retrieved December 2, 2017.
  3. 1 2 3 "BofA hires Jeff Peek, former CIT chief, for investment bank". Bloomberg. June 5, 2015. Retrieved December 2, 2017.
  4. ↑ "CIT CEO Jeffrey Peek Resigns, Finally". New York Magazine. October 13, 2009. Retrieved December 2, 2017.
  5. ↑ Joe Weisenthal (July 14, 2009). "How Jeff Peek Destroyed CIT". Business Insider. Retrieved 23 March 2018.
  6. ↑ John Carney (July 21, 2009). "Jeff Peek, CIT Group CEO, Is A Hero". Business Insider. Retrieved 23 March 2018.
  7. ↑ Pressler, Jessica (July 13, 2009). "Liz Peek May Not Be a TARP Wife Much Longer". New York Magazine. Retrieved 29 November 2017.
  8. ↑ Robert Frank (Apr 22, 2009). "TARP Wife Cries Crocodile-Bag Tears". Wall Street Journal. Retrieved 23 March 2018.
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