OverviewSuggest Edit

CIT provides banking and related services to commercial and individual customers. The Company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services, factoring, receivables management products, and secured supply chain financing, and equipment leasing and secured financing to railroads and non-rail companies. The Consumer Banking segment provides mortgage loans and deposits. It also offer small business administration loans and fiduciary services. The NSP segment provides equipment financing, secured lending, and leasing and advisory services to small and middle-market businesses. In addition, the Company offers online banking services.
TypePublic
Founded1908
HQLivingston, US
Websitecit.com
Employee Ratings3.2
Overall CultureC-

Latest Updates

Employees (est.) (Dec 2019)3,609(-1%)
Job Openings129
Revenue (FY, 2019)$3.3 B
Share Price (Nov 2020)$34.3 (+4%)
Cybersecurity ratingAMore

Key People/Management at CIT

Ellen R. Alemany

Ellen R. Alemany

Chairwoman and CEO
Michael L. Brosnan

Michael L. Brosnan

Director
Jim Duffy

Jim Duffy

Executive Vice President and Chief Human Resources Officer
William M. Freeman

William M. Freeman

Director
Michael A. Carpenter

Michael A. Carpenter

Director
John Fawcett

John Fawcett

Executive Vice President and Chief Financial Officer
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CIT Office Locations

CIT has offices in Livingston, New York, Pasadena, Boston and in 12 other locations
Livingston, US (HQ)
1 CIT Dr
New York, US (HQ)
11 W 42nd St
Pasadena, US (HQ)
75 N Fair Oaks Ave
Boston, US
175 Federal St #503
Charlotte, US
201 S Tryon St #700
Chicago, US
30 S Wacker Dr #2900
Show all (16)

CIT Financials and Metrics

CIT Revenue

CIT's revenue was reported to be $3.29 b in FY, 2019
USD

Revenue (Q3, 2020)

541.8m

Net income (Q3, 2020)

85.7m

EBIT (Q3, 2020)

85.7m

Market capitalization (13-Nov-2020)

3.4b

Closing stock price (13-Nov-2020)

34.3
CIT's current market capitalization is $3.4 b.
Annual
USDFY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Revenue

2.6b3.1b3.2b3.3b3.3b

Revenue growth, %

10%18%4%

Cost of goods sold

890.0m947.9m832.3m

Gross profit

1.7b2.1b2.4b
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Revenue

831.8m839.5m813.6m786.1m814.0m769.6m809.5m870.3m824.1m562.4m563.3m545.6m114.4m324.3m541.8m

Cost of goods sold

284.5m214.9m233.3m212.8m213.6m206.8m249.3m238.1m252.0m

Gross profit

547.3m624.6m580.3m573.3m600.4m562.8m560.2m632.2m572.1m

Gross profit Margin, %

66%74%71%73%74%73%69%73%69%
Annual
USDFY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Cash

1.0b822.1m278.5m

Accounts Receivable

30.3b30.5b

Inventories

30.2b29.1b28.7b

PP&E

6.9b7.5b6.7b160.0m
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Cash

1.0b1.0b920.5m741.7m598.9m453.4m200.9m208.6m

Accounts Receivable

30.0b30.8b30.8b30.9b

Inventories

31.0b30.1b29.5b29.2b28.6b28.1b29.0b28.9b

PP&E

16.7b16.9b17.0b7.5b6.7b6.7b6.8b6.8b
Annual
USDFY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Net Income

1.0b(848.0m)468.2m447.1m529.9m

Depreciation and Amortization

783.9m700.0m392.6m311.1m308.6m

Cash From Operating Activities

1.2b2.4b519.8m982.5m927.2m

Cash From Investing Activities

1.1b(498.9m)7.8b43.8m(1.9b)
Quarterly
USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Net Income

146.0m163.0m293.8m179.9m336.6m556.2m97.0m223.8m355.3m118.9m256.5m399.3m(624.3m)(709.6m)(623.9m)

Depreciation and Amortization

204.0m402.1m598.1m98.8m200.4m84.2m76.4m153.6m231.6m79.4m156.2m232.2m78.3m159.4m241.9m

Cash From Operating Activities

410.1m995.3m1.5b289.5m222.3m388.7m127.1m500.9m691.9m105.6m191.6m418.8m(344.5m)(127.6m)204.5m

Cash From Investing Activities

(168.5m)(257.8m)(507.9m)621.0m10.3b9.6b55.2m832.4m(602.9m)(2.5b)(2.1b)(2.9b)1.3b1.0b
USDFY, 2015

Revenue/Employee

533.2k

Debt/Equity

1.5 x

Debt/Assets

0.2 x

Financial Leverage

6.2 x
Show all financial metrics

CIT Operating Metrics

CIT's Total Loans was reported to be $29.3b in Q2, 2018.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018

Total Loans

$18.26 b$19.07 b$19.30 b$32.07 b$30.52 b$31 b$30.57 b$29.50 b$29.54 b$29.69 b$29.03 b$28.51 b$29.11 b$29.45 b$29.35 b

Non-accrual Loans

$160 m$183.50 m$198 m$214.70 m$252 m$295 m$283 m$288.50 m$279 m$258.80 m$256.80 m$265 m$221 m$237 m$292 m

Railcars Leased

120 k128 k131 k132 k

Operating Lease (Locomotives)

390 390 400
Show all operating metrics

CIT Acquisitions / Subsidiaries

Company NameDateDeal Size
OneWest Bank N.AJuly 22, 2014$3.40 b
1143986 Ontario Limited
1244771 Ontario Limited
3918041 Canada Inc.
544211 Alberta Ltd.
555565 Alberta Ltd.
555566 Alberta Ltd.
Baliardo Limited
C2 Aviation Capital, LLC
Canadian Income Partners III Limited Partnership
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CIT Revenue Breakdown

Embed Graph

CIT revenue breakdown by business segment: 23.7% from Commercial Banking, 71.9% from Consumer Banking and 4.4% from Other

CIT revenue breakdown by geographic segment: 95.0% from USA and 5.0% from Other

CIT Cybersecurity Score

Cybersecurity ratingPremium dataset

A

94/100

SecurityScorecard logo

CIT Online and Social Media Presence

Embed Graph

CIT Company Culture

  • Overall Culture

    C-

    63/100

  • CEO Rating

    C-

    65/100

  • Compensation

    B

    73/100

  • Diversity

    B+

    76/100

Learn more on Comparably

CIT News and Updates

CIT Leads $140 Million Financing for Utility-Scale Energy Storage Portfolio

NEW YORK, Feb. 24, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for a $140 million financing for esVolta, a leading developer of utility-scale energy storage systems for renewable energy projects. The portfolio...

CIT Announces Fourth Quarter and Full Year 2019 Financial Results

NEW YORK, Jan. 28, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its fourth quarter and full year 2019 financial results. View the full press release. The news release is available via CIT's News page and the accompanying earnings presentation and financial data package...

CIT Group Set to Join S&P MidCap 400 and Tanger Factory Outlet Centers to Join S&P SmallCap 600

NEW YORK, Jan. 21, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE:CIT) will replace Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in the S&P MidCap 400 and Tanger Factory Outlet Centers will replace McDermott International, Inc. (NYSE:MDR) in the S&P SmallCap 600 effective prior to the open...

CIT Bank has one of the best high-yield savings accounts available, and you only need $100 a month to make it worth your while

A high-yield savings account is the best place to save for short-term goals, like an emergency fund or upcoming travel. CIT Bank's Savings Builder account rewards accountholders who set up an auto-deposit of at least $100 a month — or maintain a balance of $25,000 or more — with its top APY of 1.…

CIT Launches One Million Meals Campaign to Fight Hunger

NEW YORK, Nov. 20, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced the start of the second annual One Million Meals campaign in partnership with Feeding America® to fight hunger this holiday season. Customers, employees and social media followers are invited to join in...

CIT Announces Third Quarter 2019 Financial Results

NEW YORK, Oct. 22, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its third quarter 2019 financial results. View the full press release in PDF. The news release is available via CIT's News page and the accompanying earnings presentation and financial data package are...
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CIT Frequently Asked Questions

  • When was CIT founded?

    CIT was founded in 1908.

  • Who are CIT key executives?

    CIT's key executives are Ellen R. Alemany, Michael L. Brosnan and Jim Duffy.

  • How many employees does CIT have?

    CIT has 3,609 employees.

  • What is CIT revenue?

    Latest CIT annual revenue is $3.3 b.

  • What is CIT revenue per employee?

    Latest CIT revenue per employee is $911.5 k.

  • Who are CIT competitors?

    Competitors of CIT include Securian Financial, Texas Capital Bancshares and Huntington Bancshares.

  • Where is CIT headquarters?

    CIT headquarters is located at 1 CIT Dr, Livingston.

  • Where are CIT offices?

    CIT has offices in Livingston, New York, Pasadena, Boston and in 12 other locations.

  • How many offices does CIT have?

    CIT has 16 offices.