CIT Group Overview and Key Facts

CIT Group has been around since 1908, making it a long-standing player in the financial services industry.

CIT Group has a significant presence in the US, with a large network of branches and offices across the country.

The company has a diverse range of financial products and services, including corporate banking, securities lending, and equipment financing.

CIT Group has a strong focus on serving middle-market companies, providing them with tailored financial solutions to meet their unique needs.

CIT Group is a commercial lender based in New York, with a long history of providing financial services to businesses and individuals.

The company has recently been in the news for its merger with First Citizens BancShares, a family-owned bank from the South. This deal is expected to create the nation's 19th-largest bank with roughly $110 billion of assets.

First Citizens has committed to investing $16 billion in community development lending over the next five years, with a focus on small-business lending and affordable housing. This is a significant pledge that could have a positive impact on local communities.

CIT Group's CEO, Ellen Alemany, will receive a $13 million lump-sum payment if she stays with the company for two years after the merger closes. This is a large bonus that reflects the company's commitment to retaining its top executives.

Here are the key details about the merger:

CIT Group has a rich financial history that spans over a century. Founded in 1908, it started as a commercial and savings bank.

The company's early success was driven by its focus on serving small businesses and individuals in the New York City area.

In the 1950s and 1960s, CIT began to expand its operations, establishing branches in other parts of the country.

CIT became a bank holding company in December 2008 to receive $2.33 billion in funds from the Troubled Asset Relief Program (TARP).

This move was a significant step in the company's efforts to stabilize its finances and avoid bankruptcy.

In July 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected.

This setback was a major blow to the company's plans to access additional funding.

CIT received $3 billion from its bondholders, including Pacific Investment Management Company (PIMCO), to delay bankruptcy in July 2009.

This infusion of cash helped the company stay afloat for a bit longer.

CIT filed a prepackaged bankruptcy under Chapter 11 on November 1, 2009.

This move allowed the company to restructure its debt and emerge from bankruptcy protection in a relatively streamlined process.

CIT emerged from bankruptcy protection on December 10, 2009.

As part of its reorganization plan, CIT named seven new independent directors.

Peter J. Tobin was named interim chief executive officer in January 2010, replacing Jeff Peek, who resigned earlier that month.

John Thain, the former CEO of Merrill Lynch, was hired as chairman and chief executive officer on February 8, 2010.

In the financial world, being a Systemically Important Financial Institution (SIFI) comes with a lot of responsibility.

CIT Group, a finance company, had to demonstrate its ability to manage data effectively, which is crucial for its operations.

The Denodo Platform helped CIT Group achieve this by integrating new data sources and managing data movement while maintaining end-to-end lineage reports.

This allowed CIT Group to reduce unnecessary data copies and ensure everyone consumes data from a single source of truth.

Here are some key facts about CIT Group's implementation of the Denodo Platform:

CIT Group's ownership is comprised of several major shareholders. The Vanguard Group holds a significant stake of 9.86% in the company.

The breakdown of CIT Group's ownership structure reveals a diverse group of investors. First Pacific Advisors and Mason Capital Management also hold substantial stakes, at 9.19% and 8.96% respectively.

The top shareholders are listed below:

CIT Group has a rich history dating back to 1908 when Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri.

The company started by financing accounts receivable at small companies, and by 1915, it had moved its headquarters to New York City and renamed itself Commercial Investment Trust (CIT).

In 1916, CIT added automobile financing to its product line through an agreement with Studebaker, marking the first of its kind in the auto industry.

CIT prospered during the Roaring Twenties, financing consumer spending on appliances, furniture, and automobiles, and by 1924, it had incorporated in Delaware and become a public company via an initial public offering on the New York Stock Exchange.

The company expanded its operations into Europe in 1929 and began offering factoring in 1928.

Arthur O. Dietz succeeded Henry Ittleson as president of CIT in 1939, and during World War II, the company offered its employees a month's bonus, life insurance, and a guaranteed job on return if they served in the United States Armed Forces.

CIT's net income rose significantly between 1947 and 1950, from $7.3 million to $30.8 million.