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.

Employee Rating

3.1More
TypePublic
HQLivingston, US
Founded1908
Size (employees)3,843 (est)-7%
Websitecit.com
CIT was founded in 1908 and is headquartered in Livingston, US
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Key People/Management at CIT

George Cashman

George Cashman

President, CIT Rail
Jim Hudak

Jim Hudak

President, CIT Commercial Finance
Stuart Alderoty

Stuart Alderoty

Executive Vice President, General Counsel and Corporate Secretary
John Fawcett

John Fawcett

Executive Vice President and Chief Financial Officer
Matt Galligan

Matt Galligan

President, CIT Real Estate Finance
Ellen R. Alemany

Ellen R. Alemany

Chairwoman and CEO
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CIT Office Locations

CIT has offices in Livingston, New York, Washington, Salt Lake City and in 12 other locations
Livingston, US (HQ)
One CIT Drive
New York, US (HQ)
11 W 42nd St
Atlanta, US
7000 Central Parkway NE, Suite 1200
Boston, US
175 Federal Street, Suite 503
Charlotte, US
201 South Tryon Street, Suite 700
Chicago, US
30 South Wacker Drive, Suite 2900
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CIT Financials and Metrics

CIT Revenue

CIT's revenue was reported to be $3.21 b in FY, 2017 which is a 3.7% increase from the previous period.
USD

Revenue (Q2, 2018)

1.1b

Net income (Q2, 2018)

126.8m

Market capitalization (14-Dec-2018)

4.3b

Closing stock price (14-Dec-2018)

41.2

Cash (30-Jun-2018)

208.6m

EV

13.0b
CIT's current market capitalization is $4.3 b.
Annual
USDFY, 2015FY, 2016FY, 2017

Revenue

2.6b3.1b3.2b

Revenue growth, %

10%18%4%

Pre tax profit

186.0m20.9m191.6m

Income tax expense

(538.0m)203.5m(67.8m)
Quarterly
Annual
USDFY, 2013FY, 2015FY, 2016FY, 2017

Cash

1.0b822.1m278.5m

Inventories

30.2b29.1b28.7b

PP&E

6.9b7.5b6.7b

Goodwill

1.1b685.4m369.9m
Quarterly
USDQ3, 2013Q2, 2014Q3, 2014Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

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

Inventories

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

PP&E

16.7b16.9b17.0b7.5b6.7b6.7b6.8b6.8b

Goodwill

1.2b1.2b1.2b686.1m625.5m625.5m369.9m369.9m
Annual
USDFY, 2015FY, 2016FY, 2017

Net Income

1.0b(848.0m)468.2m

Depreciation and Amortization

783.9m700.0m392.6m

Cash From Operating Activities

1.2b2.4b519.8m

Cash From Investing Activities

1.1b(498.9m)7.8b
Quarterly
USDQ3, 2014Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

879.0m146.0m163.0m293.8m179.9m336.6m556.2m97.0m223.8m

Depreciation and Amortization

204.0m402.1m598.1m98.8m200.4m84.2m76.4m153.6m

Cash From Operating Activities

410.1m995.3m1.5b289.5m222.3m388.7m127.1m500.9m

Cash From Investing Activities

(168.5m)(257.8m)(507.9m)621.0m10.3b9.6b55.2m832.4m
USDY, 2018

EV/CFO

25.9 x

Debt/Equity

1.4 x

Debt/Assets

0.2 x

Financial Leverage

7.6 x
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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

Operating Lease (Railcars)

120 k128 k131 k132 k

Operating Lease (Locomotives)

390 390 400
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CIT Acquisitions / Subsidiaries

Acquired CompanyDateDeal 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

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

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

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CIT Online and Social Media Presence

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CIT News and Updates

CIT Launches Community Investment Loan Program

PASADENA, Calif., Dec. 11, 2018 /PRNewswire/ -- CIT Bank N.A., the banking subsidiary of CIT Group Inc., today announced a new Community Investment Loan Program offering construction loans and permanent financing for multifamily affordable housing and community facilities across Southern...

CIT Reveals New Brand Identity Focused on Empowering Customers and Highlighting Their "Lens of Opportunity"

NEW YORK, Nov. 15, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today revealed a simplified and refreshed brand identity aimed at presenting a more cohesive market presence following a multi-year transformation of the company. The effort includes a new marketing campaign, tagline and...

CIT Names Alla Whitston as Chief Technology Officer

NEW YORK, Oct. 29, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that Alla Whitston has joined the company, effective today, as the chief technology officer reporting to Denise Menelly, executive vice president and head of technology and operations. In this role,...

CIT Serves as Sole Lead Arranger on $50 Million Financing for San Diego Industrial Properties

NEW YORK, Oct. 16, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance division was the sole lead arranger of a $50 million senior secured loan for the acquisition of industrial properties in San Diego, California, by BKM Capital Partners. The...

CIT Bank Ranked Among Best Financiers for 2018

GOBankingRates and NerdWallet identified the bank as a top contender across multiple categories.

Industry Financier CIT Embarks on Eco-Friendly Initiative

The company, which helps finance footwear firms, will plant 18,000 trees in states impacted by recent wildfires and hurricanes.
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CIT Company Life and Culture

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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 George Cashman, Jim Hudak and Stuart Alderoty.

  • How many employees does CIT have?

    CIT has 3,843 employees.

  • What is CIT revenue?

    Latest CIT annual revenue is $3.2 b.

  • What is CIT revenue per employee?

    Latest CIT revenue per employee is $834.6 k.

  • Who are CIT competitors?

    Competitors of CIT include UBS, Citigroup and Zions Bancorporation.

  • Where is CIT headquarters?

    CIT headquarters is located at One CIT Drive, Livingston.

  • Where are CIT offices?

    CIT has offices in Livingston, New York, Washington, Salt Lake City and in 12 other locations.

  • How many offices does CIT have?

    CIT has 16 offices.