CIT Group News & Latest CIT Group Headlines

CIT Group Reports Quarterly Earnings of $142.1 Million

7:13AM 7/27/2010

Company News, Earnings, CIT Group, Credit, Retail, Small Business

CIT Group (CIT) reported that net earnings for the second quarter jumped to $142.1 million, or 71 cents per diluted share, from $97.3 million, or 49 cents per diluted share, in the previous quarter. Net income rose thanks to gains on sales of assets and recoveries of pre-FSA (fresh start...

MBIA Shares Rise After Berkowitz's Fairholme Buys 11.1% Stake

9:43AM 7/13/2010

By Melly Alazraki

CIT Group, American International Group

Share in financial services company MBIA are up more than 10% in pre-market trading after Fairholme Capital Management, the investment firm headed by Bruce Berkowitz, disclosed that it had purchased an 11.1% stake in MBIA, the world's largest bond insurer.

BankWatch: TARP Investments Lead to Huge Losses for U.S. Treasury

4:18PM 5/26/2010

By Pallavi Gogoi

Economy, CIT Group, Credit

As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its TARP investments have turned out to be a bust -- and there are signs of more trouble ahead.

Stocks in the News: Ford, Goldman Sachs, DuPont

7:57AM 4/27/2010

By Melly Alazraki

Company News, Investing, CIT Group, Ford Motor Co, Goldman Sachs , Oracle, Wal-Mart Stores, UPS, 3M

The following is a round-up of news likely to affect stock prices today: Ford Motor Co. (F) said Tuesday it earned $2.1 billion, or 50 cents a share in the first quarter, compared to a loss of $1.4 billion, or 60 cents per share, in last year's quarter. Analysts had expected earnings of 32 cents...

Stocks in the News: Discover Financial, Hartford Financial, YRC Worldwide

7:53AM 3/17/2010

By Melly Alazraki

Company News, Investing, CIT Group, Google , Intel, Microsoft, Pfizer, Apple, Blockbuster, Verizon

Among the stocks that could shape Wednesday's trading session are two companies in dire financial shape. Struggling video rental chain Blockbuster has said for the first time that it may need to file for bankruptcy protection. Meanwhile, trucking firm YRC Worldwide said its auditor has raised doubts about its ability to operate as a "going concern."

Thain Returns: Tarnished CIT Taps Ex-Merrill Chief as New CEO

9:22AM 2/08/2010

By Peter Cohan

Company News, Economy, CIT Group, Goldman Sachs , Bank of America, Credit

Business lender CIT Group, whose bankruptcy cost the taxpayers $2.3 billion in TARP money, has picked as its new CEO the man who got the boot from Merrill Lynch after approving huge bonuses for executives as his company lost billions. Can they find redemption together?

Stocks in the News: CIT, Hasbro, CVS Caremark

7:45AM 2/08/2010

By Melly Alazraki

Company News, Investing, CIT Group, Nokia, Toyota, Walt Disney

The following is a round-up of news likely to affect stock prices today: CIT Group Inc. (CIT), one of the nation's largest lenders to small and mid-sized businesses, appointed former Merrill Lynch CEO John Thain as chairman and CEO. According to The Wall Street Journal, Thain will make a...

Ex-Merrill Lynch Chief Thain Named as New CIT CEO

6:22AM 2/08/2010

By Latif Lewis Williams

Company News, CIT Group

It's official. After numerous reports that he was a leading candidate, former Merrill Lynch CEO John Thain clinches the top job at struggling lender CIT. CIT ran into trouble a year ago as its investment in subprime mortgage paper and other derivatives damaged the value of its balance sheet so badly that it had to file for Chapter 11 bankruptcy in November. According to The Wall Street Journal, Thain will make a $500,000 base salary and receive $5.5 million in restricted stock, when valued at today's share price.

Tarnished Wall Street Exec Thain May Lead CIT

5:00AM 1/13/2010

By Douglas McIntyre

People, CIT Group, Bank of America

John Thain, the former CEO of Merrill Lynch and NYSE Euronext is the top candidate for the CEO job at CIT despite his tarnished reputation.

Stocks in the news: Ford, Humana, CIT Group, Human Genome

9:00AM 11/02/2009

By Melly Alazraki

Company News, Investing, CIT Group, Fannie Mae, Ford Motor Co, General Electric , Goldman Sachs , Loews, Boeing, Bank of America, Wal-Mart Stores, Comcast, Human Genome, GlaxoSmithKline

Ford Motor Co. (F) is no doubt this morning's story. The automaker, the only one of the Big Three American car manufacturers that didn't take a direct government bailout and stayed out of bankruptcy protection, reported a surprising $1 billion profit Monday morning. Ford reported net income of $997...