However, Thain left Merrill soon after the merger with Bank of America was completed after initially accepting a high-level post at the combined institution. His image soon became tarnished as press reports surfaced that he had spent lavish sums on office redecorations at Merrill. CIT filed for bankruptcy late last year and, after a lightning-quick reorganization, listed its shares once again Dec. 10. It has announced several new high profile board appointments, including three on Tuesday. Its shares are up some 25% since being relisted, but were down Tuesday, along with most other large financial stocks. The shares did spike briefly in mid-afternoon trading, possibly in reaction to the report. "We do not comment on market rumor or speculation. Our CEO search continues to progress," wrote CIT spokesman Curt Ritter, via email, to TheStreet. CIT Group CEO Jeff Peek will leave the company at the end of this week.