CIT Group

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CIT Group, Inc.

logo
legal form Corporation
ISIN US1255818015
founding 1908
Seat New York City , New York , United StatesUnited StatesUnited States 
management John Thain ( CEO )
Number of employees 3,360
sales 3,624,000,000 US dollars
Branch Financial services
Website www.cit.com
As of December 31, 2014

The CIT Group ( Commercial Investment Trust ) is an internationally active US financial services group headquartered in New York City. It was founded in 1908. Customers are mainly small and medium-sized companies . The CIT share is listed on the NYSE and is included in the Fortune 500 and S&P 500 . In 2014, CIT had sales of $ 3.6 billion with 3,400 employees.

The CIT Group consists of the CIT Bank and various leasing companies . The CIT Aerospace Finance financed aircraft that CIT Maritime Finance is in the field of ship finance act and the CIT Rail (formerly Nacco) leased freight cars , v. A. Tank wagons .

CIT Commercial Services , CIT Corporate Finance , CIT Equipment Finance and CIT Real Estate Finance operate exclusively in North America .

In the course of the financial crisis, CIT ran into difficulties. In July 2009 an application for state aid was rejected, which is why bankruptcy threatened. In August 2009, the bankruptcy was averted for the time being with a private loan of USD 3 billion. On October 13, 2009, CEO Jeffrey M. Peek, who was also Chairman of the Board of Directors, announced his resignation at the end of 2009.

After the failure of a restructuring of the company's debts , the CIT Group filed for Chapter 11 bankruptcy protection on November 1, 2009 . It was the fifth largest corporate bankruptcy in US history and the largest bank failure since Lehman Brothers went bankrupt on September 15, 2008. Liabilities amounted to nearly $ 65 billion. Nevertheless, CIT managed to get the necessary majorities of creditors to agree to an insolvency plan. This included reducing debt by around $ 11 billion; in return, creditors received the company's shares. The previous shareholders lost everything as the last-ranking creditors. With the confirmation of the insolvency plan by the insolvency judge, the bankruptcy protection proceedings were ended on December 9, 2009 after only 5 weeks.

John Thain has been the new Chairman and CEO since February 2010 .

Individual evidence

  1. a b c d e Annual Report 2014
  2. Nacco Fact Sheet ( Memento of the original from September 23, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.cit.com
  3. Financial Times Deutschland on November 1, 2009 ( Memento of November 3, 2009 in the Internet Archive )
  4. ^ Wall Street Journal December 9, 2009 "Judge Approves CIT Group´s Restructuring"