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CIT Group Inc.

News and overview for CIT Group Inc.

CIT Group, Ford, Sysco in the spotlight - MarketWatch
MarketWatch | 20 days 18 hours 26 minutes ago
European markets moved slightly higher, with mining and oil stocks contributing to the rise. Most Asian markets ended lower, with Japanese exporters hurt by concerns over the U.S. economy, though Chinese stocks jumped in Shanghai after strong manufacturing figures.


CIT Group poised for late-trading action - MarketWatch
MarketWatch | 23 days 13 hours 29 minutes ago
Goldman agreed to waive its right to terminate the remaining facility if the business lender files for bankruptcy, CIT said in the filing.


CIT files for bankruptcy protection - MarketWatch
MarketWatch | 20 days 19 hours 18 minutes ago
"The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy," Chairman and CEO Jeffrey M. Peek said in a statement.


CIT builds bondholder support for survival plan - MarketWatch
MarketWatch | 36 days 15 hours 9 minutes ago
The new plan includes issuance of an undetermined amount of preferred stock on the New York Stock Exchange. The NYSE accepted CIT's application of its financial viability exception to the exchange's shareholder approval policy in connection with the stock offer.


Unlikely voice of reason in CIT case: Carl Icahn MarketWatch First Take - MarketWatch
MarketWatch | 34 days 17 hours 33 minutes ago
Icahn on Monday lambasted CIT's board of directors for offering to underwrite a $6 billion loan to the company -- a move that he claimed would save CIT as much as $150 million in fees.


The vampire squid sinks its teeth into CIT MarketWatch First Take - MarketWatch
MarketWatch | 23 days 16 hours 28 minutes ago
MarketWatch Rolling Stone referred to Goldman Sachs as ???a great vampire squid wrapped around the face of humanity??? a description that???s been often repeated.


Johnson & Johnson, Goldman Sachs, CIT in focus - MarketWatch
MarketWatch | 40 days 19 hours 32 minutes ago
European shares traded with mild losses as investors held back from building on multi-month highs. Shares in Shanghai and Hong Kong led a broad advance in Asia, as automobile stocks rose on strong sales data and power utilities rallied on an improving economic outlook.


CIT Announces Updated Solicitation Results for Its Prepackaged Plan of Reorganization [Press Release]
Business Wire | 3 days 17 hours 30 minutes ago
CIT Group Inc. (OTC: CITGQ.PK), a leading provider of financing to small businesses and middle market companies, today announced updated results of its solicitation for votes on its voluntary prepackaged plan of reorganization (the “Plan”).


CIT shares slump again as bankruptcy looms - MarketWatch
MarketWatch | 23 days 14 hours 2 minutes ago
CIT also said it got a new $1 billion line of credit from activist investor Carl Icahn. The company can borrow from the line on or before the end of this year. It can still access the money if it files for bankruptcy, CIT added in a statement


US Stocks' Rally Fades As Worries Resurface; CIT Down, Ford Up - MarketWatch
MarketWatch | 20 days 13 hours 10 minutes ago
An early stock rally evaporated Monday as financial shares retreated and jitters about the sustainability of the U.S. economic recovery resurfaced.





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Company Overview


Company: CIT Group Inc.
Industry: Commercial Lending
Website: http://www.cit.com

If you haven't heard of CIT Group, then you're O-U-T of the proverbial loop. On the big-business landscape for about a century, CIT is a commercial bank holding company that offers lending, leasing, debt restructuring, equipment financing, and advisory services to small and mid-sized businesses and to more than half of the "Fortune" 1000 in such industries as energy, health care, communications, entertainment, aerospace, and transportation. Its real estate services include mortgage, mezzanine debt, and net lease financing. CIT has more than $80 billion in assets and serves some one million clients in more than 50 countries around the world. The company filed for Chapter 11 bankruptcy protection in 2009.


Key Numbers

Sales in U.S. Dollars (mil.) 2,959.4 (2008)
One-year % Growth in Sales -38.0 (2008)
Net Income in U.S. Dollars (mil.) -2,799.5 (2008)
One-year % Growth in Net Income 0.0 (2008)
Number of Employees 4,995 (2008)
One-year % Growth in Number of Employees -25.4 (2008)
Fiscal Year-End December