CIT Group-About CIT Group
CIT Group (CIT Group) is a United States bank holding company, with more than 600 billion dollars in financial and leasing assets. 1908 inception, CIT provides loans, consulting and leasing services to small and medium-sized enterprises. The Group is headquartered in New York City, is a Fortune (Fortune) 500 strong company and a member of the S & P 500 constituent stocks. CIT operating CIT Bank is a full-service bank located in Utah, from Utah's financial institutions sector and the FDIC jurisdiction, scope of business over more than 50 countries. The Group's areas of expertise include: corporate finance, trade finance, transportation finance, and vendor financing. As the government aid and debt restructuring fails, November 1, 2009, CIT Group, filed for bankruptcy protection.
CIT Group - History Start at the beginning (1908-1924) A solid start
CIT Group, Henry Ittleson weaken the U.S. economy has experienced two major recession. In 1908, the entire country was in the banking crisis of the mid-term, this is the famous panic of 1907, which is precisely at this time in St. Louis, he signed an agreement to form the new company. Despite the economic turmoil, but Henry Ittleson still looks calm and confidence. 37 years he worked as a textile retailers, law students, real estate brokers are stockbrokers, from which he learned the business community one of the most important truth: credit, there is always a demand. As often said, if the credit is the lifeblood of the economy, then whether it is a recession or in the healthy development of the period, enterprises should need it. Moved to New York By 1914, CIT has joined hands with the bank has established its own line of credit, business development from New York to New Orleans.
In the CIT's customers, production piano, buses, bicycles, furniture and other consumer goods, more and more companies, they generally are the wholesale suppliers. Subsequent years, the St. Louis office location can no longer accommodate the growing volume of business CIT, it moved eastward, New York. Soon, mass production technology makes elephant products like cars and radios have also been included in the average consumer to buy list. In 1916, CIT established the Studebaker automobile company, provides financing to car buyers that they can one-third down payment and then pay the balance within eight months on a monthly basis. This model as well as the Studebaker distributed 4,000 agents throughout the country created a precedent for similar sales model, which covers a very broad. Since the outbreak of World War I, making temporary suspension of the consumer market development. Ittleson become a District of Columbia, Washington, DC munitions sector, "a plan and only modest nominal salary of the people", but this time, CIT for the 150 e-"U-boat destroyer" manufacturing has provided funding. Taking into account the post-war economic recovery, the company also Thomas Edison (Thomas Edison) Limited in consultation consumers to buy radio launched a 12-month installment plan. In the "booming Twenties" With a large number of consumers to purchase new electronic equipment, furniture and cars, the economy has developed rapidly.
CIT hired Arthur O. Dietz responsible for auto financing business. Soon, Dietz will be outside the scope of business to expand into the Studebaker, and Nash (Nash), Packard (McCarthy) and Chrysler (Chrysler) and other auto makers signed a financing agreement. In 1924, CIT merger in Delaware for the first time to sell shares to the public, becoming the first of its kind in the New York Stock Exchange company. The second year, CIT is pleased to see the volume of business more than 148 million U.S. dollars, has recorded more than 26 million U.S. dollars of capital. The economic lifeblood of healthy development than ever before, largely thanks to the timely injection of credit.
CIT Group - Business
The Group's areas of expertise include: corporate finance, trade finance, transportation finance, and vendor financing.
The company's financial management, the Group is loans to small and medium trade-level planning of the top 10 leading companies, total of more than 3,000 customers. Businesses include commercial and industrial, communications, media and entertainment, energy, health care, investment banking services, and small business loans.
The United States in trade finance is the most important factoring services companies, their customers from the United States, Canada, Europe and Asia. CIT's factoring services to thousands of small manufacturers to provide funds, which in turn manufacturers sell their products to those who rely on CIT to obtain the goods flow of small and large retailers. In the Transportation Finance is part of the No. 3 U.S. a great rail train leasing business, with more than 116,000 vehicles, rail train. Is also the world's three largest aircraft financing business, with more than 100 commercial airline customers and more than 300 corporate clients. The supplier financing, the United States ranked No. 1 independent leasing companies, services, business end-users, including small businesses to Fortune 500 companies, the number of up to 500,000.
