CIT Group
Headquarters:
505 Fifth Ave.
New York, NY 10017
Employees: 7,345
CEO: Jeffrey Peek
Stock Symbol: CIT
Website:
http://www.cit.com
Career Site
CIT provides a wide range of financing and leasing products to
small, midsize and large businesses. CIT offers vendor, equipment,
commercial, factoring, consumer and structured financing capabilities.
CIT operates extensively in the United
States and Canada with strategic locations in Europe, Latin and
South America, and the Pacific Rim. The company has clients across
30 industries and 50 countries.
CIT's areas of focus include:
Corporate Finance
- lending, leasing and other financial and advisory services,
through industry focused sales teams.
Consumer and Small Business Lending - collateralized and
government-secured loans to consumer and small businesses leveraging
broker and intermediary relationships.
Trade Finance - factoring and other trade and financial
solutions to companies in the retail supply chain.
Transportation Finance - longer term, large ticket leasing
and other secured financing to companies in the rail, aerospace
and defense industries.
Vendor Finance - financing for customers of manufacturers
and distributors worldwide.
As of December 31, 2007, CIT had managed
assets of $83.2 billion comprised of an owned loan and lease
portfolio of $76.9 billion and a securitized portfolio of $6.3
billion.
In 2007, the company reported revenues
of $3.6 billion and net loss of $111 million.
History
CIT was founded in 1908 as Commercial Credit
and Investment Company by Henry Ittleson in St. Louis (initial
business efforts were in financing receivables).
In 1915, the company moved its headquarters
to New York City and changed its name to Commercial Investment
Trust with the identifying initials "C.I.T." The company
would go public on the New York Stock Exchange in 1924.
The Tyco Corp. would acquire CIT in 2001.
In 2002, Tyco sold 100% of CIT's outstanding common stock in
an IPO.
Updated April 30, 2008
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