CIT Group

CIT Group

CIT Group Inc. (NYSE: CIT) is a United States bank holding company founded in 1908 with more than $33 billion in finance and leasing assets. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust. It provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals.

The Company is part of the Fortune 500 and was a part of the S&P 500 Index until it was replaced by Red Hat at the close of trading July 24, 2009. The Company is headquartered in New York City, and employs approximately 3,700 people in locations throughout North America, Europe, Latin America, and Asia Pacific. It declared Chapter 11 bankruptcy on 1 November 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings. The Company emerged from bankruptcy 38 days later on December 10, 2009.