CIT Group
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| Public | |
| Traded as | : CIT |
| Industry | Financial services |
| Founded | 1908 |
| Founder | Henry Ittleson |
| Headquarters |
11 West 42nd Street, New York City, United States |
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Key people
|
Ellen R. Alemany (Chairwoman and CEO) |
| Revenue |
 US$ 3.624 billion (2014) |
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US$ 1.13 billion (2014) |
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| Total assets |
US$ 67.5 billion (2016) |
| Total equity |
US$ 9.06 billion (2014) |
| Website | cit |
CIT Group Inc. is an American financial holding company founded in 1908 with more than $65 billion in finance and leasing assets. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust. It provides financing and leasing capital to its middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (an FDIC insured bank) and BankOnCIT.com, its primary bank subsidiary.
The company is part of the Fortune 500 and was a part of the S&P 500 Index until it was replaced by Red Hat at the close of trading July 24, 2009. The company is headquartered in New York City, and employs approximately 3,700 people in locations throughout North America, Europe, Latin America, and Asia Pacific. It declared Chapter 11 bankruptcy on November 1, 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings. The company emerged from bankruptcy 38 days later on December 10, 2009.
CIT business areas operate under three segments: Commercial Banking, Transportation Finance, and Consumer & Community Banking.
Commercial Banking
Transportation Finance
Consumer & Community Banking
On February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri.
In 1915 it moved to New York City and renamed itself Commercial Investment Trust and went by the initials of C.I.T. It remains in New York City today. By that time, the company provided financing for wholesale suppliers and producers of consumer goods. The company added automobile financing to its product line in 1916, through an agreement with Studebaker, the first of its kind in the auto industry. During World War I, CIT financed the manufacture of 150 submarine chasers. It also added consumer financing of radios through an agreement with Thomas Edison, Inc. During the Roaring 20s following the war, consumer spending rose dramatically and CIT prospered in its consumer appliance, furniture, and automobile financing groups. In 1924, CIT incorporated in Delaware and listed itself on the . CIT entered the field of factoring in 1928 and expanded operations into Europe in 1929.
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Wikipedia