“Market Cap $9.75 B As of May 2014
At a Glance
- Industry: Consumer Financial Services
- Founded: 1908
- Country: United States
- CEO: John Thain
- Website: www.cit.com
- Employees: 3,240
- Sales: $3.52 B
- Headquarters: New York, New York
#909 Global 2000
- #884 in Profit
- #498 in Assets
- #1107 in Market value
CIT Group, Inc. is a bank holding company. It provides primarily commercial financing and leasing products and other services to small and middle market businesses through its wholly owned subsidiaries. The company operates through five segments: Corporate Finance, Transportation Finance, Trade Finance, Vendor Finance and Consumer segment. The Corporate Finance segment provides financing and advisory services to small and medium size companies in the U.S. and Canada and has a specialized lending unit focused on financial sponsors in Europe. Its core products include asset-based and cash flow lending, fee based advisory products for middle-market customers, equipment leasing and financing, and commercial real estate financing. The Transportation Finance segment provides aircraft and railcar leasing and financing solutions to operators and suppliers in the global aviation and North American rail car industries. The Trade Finance segment provides factoring, receivable management products and secured financing to businesses that operate in several industries, including apparel, textile, furniture, home furnishings and consumer electronics and offers domestic and international customized credit protection, lending and outsourcing services that include working capital and term loans, factoring, receivable management products, bulk purchases of accounts receivable, import and export financing and letters of credit programs. The Vendor Finance segment develops business solutions for small businesses and middle market companies, providing equipment financing and value added services. The Consumer segment includes government-guaranteed student loans. CIT Group was founded by Henry Ittelson in 1908 and is headquartered in New York, NY.“
“CIT Group History
CIT was born in 1908 when Henry Ittleson found a new way to make financing available to businesses in St. Louis, Missouri. Soon CIT was forging paths across the country, into Canada and overseas. After 100 years, financing remains at the heart of the company. But time and experience have produced innovations unimagined a century ago. True to its pioneering legacy, CIT remains an agent of opportunity, providing new resources and fresh perspectives to over one million clients across thirty industries around the globe.
A NEW VENTURE (1908-1924)
Henry Ittleson’s innovation and experience guided CIT early growth. The company grew with the U.S. economy as it transitioned to a new era of corporate organization, mass production and consumer spending.
STANDING FIRM (1925-1945)
Through the Great Depression, World War II and in a time when reservations about installment buying ran deep, CIT maintained an unshakeable belief in the soundness of American institutions and the good judgment of its customers
POST WAR PROSPERITY (1946-1965)
When America turned its energies to post-war production, it demonstrated the confidence of victory as well as an awesome capacity for growth and widely shared prosperity. CIT helped provide the capital fueling this unprecedented expansion of the national economy.
ADAPTING TO CHANGE (1966-1985)
By the late 1960s the postwar boom was ebbing: drift and doubt began to creep back into the economy. Through the 1970s CIT redefined its business lines in a successful effort to stay ahead of landmark changes in politics, culture, and the economy.
A NEW ECONOMY (1986-2007)
The 1980s brought a new era of business innovation, while the 1990s brought sweeping technological change. With unprecedented productivity came opportunities to prosper and build. CIT was there to help businesses and consumers make the most of them.
THE SECOND CENTURY (2008 – PRESENT)
The CIT Centennial coincided with the global financial crisis that severely impacted financial markets and posed a grave threat to all financial institutions, including CIT. The Company took dramatic measures to withstand the downturn and position it for long-term prosperity.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “CITGroupVideo“