Blackstone-Steinour Partnership Dissipates
Last November, we reported that former Citizens Financial chief Steve Steinour was in talks with The Blackstone Group to partner on a "multi-billion dollar" fund that would buy distressed banks and other financial services companies. What we didn't know was that, just weeks later, Steinour was approached by Huntington Bancshares (Nasdaq: HBAN) to become its new president and CEO. He accepted, and a formal announcement was made earlier today. "Blackstone was a terrific organization, and I got to work with a number of the team members there," Steinour tells peHUB. "It quite possibly could have ended up different . When we came together late in the summer, it was with the expectation of reaching into their global network. But once October came, it became obvious that it was going to be much more difficult."
