At a Glance
"Opportunities for advancement are great, and continued education is encouraged for those looking to advance further"
Reasonable hours, and "face time is nonexistent"
Diversity with respect to women could be improved - "there are not as many women in upper management as there used to be"
About CIT Group
CIT Group provides financing and related services to just about everybody, from small businesses to the world's largest multinational corporations. With finance products ranging from acquisition financing and asset management to venture capital and vendor financing, CIT operates across 30 industries in 50 countries, including North America, Europe, Latin America, Asia, Australia and New Zealand. The company, which itself is ranked No. 306 on the Fortune 500, does business with a majority of the Fortune 1000 companies and, by the end of 2007, managed over $80 billion in assets.
CIT's business can be broken down into four main segments. Corporate finance provides lending, leasing, and other financial and advisory services to middle-market companies, with a focus on specific industries, including health care, energy, communications, media and entertainment. The trade finance division provides factoring and other trade and financial products to companies in the retail supply chain. Transportation finance provides lending, leasing and other banking services to the rail as well as aerospace and defense industries. Vendor finance provides financing solutions to manufacturers, distributors and other intermediaries, including Avaya, Dell, Microsoft, Snap-on and Toshiba.
Ups and Downs
Founded in 1908, CIT has weathered a somewhat rocky past under the ownership of numerous companies. It is probably best known for its affiliation with Tyco, which in 2002, embroiled in corporate scandals, spun off CIT. Out from under its beleaguered owner, CIT has grown over the past few years through acquisitions, including units from GE Commercial Services, HSBC Bank and CitiCapital.
Today, it is a global commercial finance company, providing financing solutions, leasing products and advisory services to commercial and consumer clients around the world. Especially strong in factoring, vendor financing, equipment and transportation financing, small business administration loans and asset-based lending, CIT is a Fortune 500 company and member of the S&P 500 Index.
The firm went through some new expansion efforts in early 2007. CIT announced plans to open offices in Shanghai and Singapore, and it bought Barclays' vendor finance business in England and Germany. It's managed to keep busy in other ways, too. In April 2007, the firm filed an IPO of $275 million for the real estate investment trust Care Investment Trust. Within the same month, CIT Chairman and CEO Jeff Peek told Investment Dealers' Digest about a few other new developments the firm has on tap for the future, such as an agreement to finance Microsoft's software sales and the recent hiring of a loan specialist team "to look for distressed debt when we find something that is of value."
Closing up shop
If things looked rosy in the early part of 2007, they didn't stay that way for long. The company closed its home lending origination business, which was impacted by the market decline in subprime mortgages. All in all a $134.5 million decrease in profits was reported in the second quarter and the stock price continued to decline into the late months of 2007. Closing the home lending business also meant bad news for some CIT employees: 550 jobs were cut in over 25 offices around the country.
505 Fifth Avenue
New York, NY 10017
Phone: (212) 771-0505
Employer Type: Public
Stock Symbol: CIT
Stock Exchange: NYSE
Chairman and CEO: Jeffrey M. Peek
2007 Employees (All Locations): 5,425