CIT Group Inc.'s John Thain, who sold Merrill Lynch & Co. to save the brokerage amid the global credit crunch, said a crisis like the one in 2008 could "absolutely" happen again.

The Dodd-Frank Act hasn’t solved the problem of lenders that are "too big to fail," and the biggest firms are now more concentrated, Thain said Wednesday during a Bloomberg Television interview.

Thain, 58, is chief executive officer at New York-based CIT, a commercial lender to small and medium-sized companies. He led Merrill Lynch as the world’s financial system unraveled in 2008 and said Wednesday he had to sell the firm to Bank of America Corp. to save employees and investors.