According to a Bloomberg report, CIT Group will provide Steven T. Mnuchin, the chairman of OneWest Bank's parent IMB Holdco, LLC, an annual target compensation package of $4.5 million.
Bloomberg reports that Mnuchin will get a salary of at least $750,000 and bonuses contingent upon the company’s performance. Mnuchin will also become CIT’s vice chairman and join the board of the combined company.
To read the full Bloomberg report, click here.