CIT Group

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CIT Group
CIT Group Logo.png
Headquarters New York, NY
Products Small business loans


CIT Group is one of the U.S.'s largest small-business lenders, funding about 1 million businesses. According to CIT, it is the third-largest U.S. railcar-leasing firm and the world’s third-biggest aircraft financier. It also finances trade in Canada, Europe and Asia by lending to small manufacturers that sell to retailers.[1]

The group filed for bankruptcy on Sunday, November 1, 2009 in a restructuring intended to keep it from going out of business.[2]

The company had run up $10 billion in debt following a failed debt exchange and a bailout from the U.S. government. CIT listed $71 billion in assets and $64.9 billion in liabilities in its Chapter 11 petition. [3]

History

CIT Group was founded by Henry Ittleson in 1908, originally as Commercial Credit and Investment Company. It was headquartered in St. Louis until the company's move to New York City in 1915. It also changed its name to "Commercial Investment Trust" and identified with the initials "C.I.T."

In 1986, the company changed its name to The CIT Group.[4]

Products and Services

Key People

John Thain, the former CEO of NYSE Euronext and Merrill Lynch, became chief executive of CIT Group in February of 2010 and led the company's turnaround. He will retire on March 31, 2016 as the firm continues on its path toward becoming a full-fledged commercial bank. Thain will be succeeded by Ellen R. Alemany, a CIT board member who previously led the Royal Bank of Scotland’s businesses in the Americas and also held various titles at Citigroup. Thain will stay on as chairman, however. [5]

References

  1. CIT Group Files Bankruptcy, Seeks to Reduce Debt. Bloomberg News.
  2. CIT Board Approves Chapter 11 Filing. The Wall Street Journal.
  3. CIT Group Files Bankruptcy, Seeks to Reduce Debt. Bloomberg News.
  4. C.I.T. Financial Corporation (CIT Group - TARP Bailout) - 1969. Scripophily.
  5. John Thain of CIT Group Will Step Down as Chief Executive. The New York Times.,