Bailout Bank Bio: CIT Group Inc (CIT)

Feb 11, 2009 | 3 min read | Print Article

CIT Group Inc. (CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. The products and services provided by CIT include corporate finance, trade finance, transportation finance, vendor finance, CIT bank and CIT insurance services. The company was founded in 1908 and is headquartered in New York, New York. CIT Group was ranked as the 306th largest U.S. corporation in 2008, according to the Fortune 500 rankings.

In January CIT announced its transition to a bank holding company, enabling CIT to participate in the Treasury Department’s Capital Purchase Program. The transition to a bank holding company followed a ratings cut by Standard & Poor’s. Under the Treasury program, CIT received $2.33 billion in exchange for preferred stock and warrants. As a bank holding company, CIT gains access to sources of capital not previously available.

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Bailout Bank Bio: CIT Group, Inc. (CIT)


Federal Equity Investment	$2.33 billion
Total Revenue	$8.605 billion (2007) $6.10 billion (2008)
Net Income (Loss)	($81 million) (2007) ($2.80 billion) (2008)
Number of Employees	5,245
Corporate Headquarters	New York, New York
Business Sector	Commercial Bank
Officers and Directors	Peek, Jeffrey, Chairman of the Board, Chief Executive Officer Other officers and directors
Corporate Website	http://www.cit.com
Executive Compensation	CIT Group, Inc (CIT)