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CIT

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CIT Group, Inc.

  • Sector: Finance
  • Industry: Major Banks
  • Website: www.cit.com

CIT Group, Inc. is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Non-Strategic Portfolios Corporate and Other. The Commercial Banking segment consists of four divisions, commercial finance, rail, and real estate finance and business capital. It provides a range of lending, leasing and deposit products, as well as ancillary products and services, including factoring, cash management and advisory services, primarily to small and medium- sized companies, as well as to the rail industry. The Consumer Banking segment includes retail Banking, consumer lending, and SBA lending, which are grouped together for purposes of discussion as other consumer banking and legacy consumer mortgages. The Non-Strategic Portfolios Corporate and Other segment consists of businesses and portfolios that they no longer consider strategic. These portfolios include equipment financing, secured lending and leasing and advisory services to small and middle-market businesses. The company was founded by Henry Ittelson in 1908 and is headquartered in New York, NY.