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Steven Mnuchin, Trump’s Treasury secretary pick, resigns from CIT Group board

Served on board after CIT Group bought OneWest Bank

Steven Mnuchin, a former executive at Goldman Sachs, former chairman of OneWest Bank, and President-elect Donald Trump’s choice to lead the Department of the Treasury, is resigning from the board of CIT Group, which bought OneWest in 2015.

After leaving Goldman Sachs in 2002, Mnuchin founded Dune Capital Management, a private equity firm. While with Dune Capital, Mnuchin and his partners formed OneWest after buying the remains of IndyMac Federal Bank from the Federal Deposit Insurance Corp. in 2009.

Since selling OneWest to CIT Group, Mnuchin sat on the company’s board.

Trump specifically noted the OneWest deal as a reason for choosing Mnuchin to run the Treasury.

“His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury,” Trump said of Mnuchin. “He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That’s the kind of people I want in my administration representing our country.”

But with Trump choosing him to run the Treasury, Mnuchin is stepping down from the CIT Group board.

“On behalf of the entire Board, I want to thank Steven for his contributions to CIT,” said Ellen Alemany, CIT Group’s chairwoman and CEO. “Steven has been a valued member of our board, and we wish him well in this monumental role.”

Of his time on the CIT Group board and his future, Mnuchin said: “I’m honored to have the opportunity to take on this important role and I’m looking forward to helping advance the President-elect’s economic priorities. It has been a privilege to serve on the CIT board of directors.”

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