CITGQ - CIT Group (Old CIT)

**mmm...Jaz** · Oct 16th, 2008, 12:13 PM

About CIT

CIT (NYSE: CIT - News) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com

**mmm...Jaz** · Oct 16th, 2008, 12:25 PM

http://www.cit.com/index.htm

About CIT

Our Company possesses the global financial resources, industry expertise and financing product knowledge to serve client needs across 30 industries and 50 countries. We have forged decades-long partnerships with many of our more-than-one-million clients with trust, commitment and insightful ideas. Whether through lending, leasing or our other financial and advisory services, it is our individual commitment to each of our clients that makes CIT a global leader.

What We Do

Founded in 1908, CIT has had an unyielding focus on financial solutions for over 100 years. Our financial solutions benefit from expertise, knowledge and creativity to help your business meet its strategic goals and tap unrealized potential.

As a Fortune 500 company and member of the S&P 500, we provide financial solutions for more than 80 percent of the Fortune 1000.

What Makes Us Unique

At CIT our biggest asset is our people, and our biggest benefit is in the partnerships that we create. We believe that the combination of financial capital + intellectual capital + relationship capital can yield infinite possibilities for our customers. And it's this fundamental belief that helps us see the potential in companies of all sizes and stages of success.

CIT At A Glance

Global Headquarters: New York City

Worldwide Presence: offices in more than 30 countries, including Canada, Europe, Latin America, Asia and Australia & New Zealand.

Areas of Focus:

Corporate Finance - lending, leasing, small business loans and other financial and advisory services, through industry focused sales teams.
Trade Finance - factoring and other trade and financial solutions to companies in the retail supply chain.
Transportation Finance - provides a broad range of financial solutions to the transportation industry.
Vendor Finance - financing for customers of manufacturers and distributors worldwide.

Learn more about: Products & Services | CIT Worldwide

WORLDWIDE HEADQUARTERS

CIT Group Inc.
505 Fifth Avenue
New York, NY 10017
United States
212-771-0505

CORPORATE HEADQUARTERS

CIT Group Inc.
One CIT Drive
Livingston, NJ 07039
973-740-5000

**mmm...Jaz** · Oct 16th, 2008, 12:27 PM

Press Release Source: CIT Group Inc.

CIT Declares Common Dividend
Tuesday October 14, 4:12 pm ET

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT - News), a leading global commercial finance company, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.10 per share on its outstanding common stock. The common stock dividend is payable on November 28, 2008, to shareholders of record on November 14, 2008.

CIT also announced its intention to sell approximately $8 million of common equity to facilitate the payment of quarterly dividends on the Company’s preferred stock in December.

Rule 433

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-542-4847.

EDITOR’S NOTE:

Individuals interested in receiving corporate news releases can register at http://newsalerts.cit.com or subscribe to the RSS feed at http://rss.cit.com. In addition, CIT podcasts are available at www.5minutecapital.com.

**mmm...Jaz** · Oct 16th, 2008, 12:30 PM

CIT Group widens loss in third quarter
By Michael Kitchen
Last update: 7:22 a.m. EDT Oct. 16, 2008 |

Comments: 3

NEW YORK (MarketWatch) -- CIT Group Inc. (CIT: 3.78, -0.90, -19.2%) said Thursday its third-quarter loss totaled $317 million, or $1.11 a share, from $46 million, or 24 cents a share, in the same quarter a year before. Analysts had expected CIT would swing to profit, with predictions on average for earnings of 17 a share, according to a FactSet Research survey. Finance revenue for the quarter was $1.40 billion compared to $1.60 billion in the year-ago period.

**mmm...Jaz** · Oct 16th, 2008, 12:32 PM

Investing > In Play ®

8:22AM CIT Group: Moody's reviews Cit's ratings for possible downgrade (CIT) 4.68 : Moody's Investors Service placed CIT Group, Inc.'s Baa1 long-term and Prime-2 short-term ratings on review for possible downgrade. The review is based on Moody's concerns regarding the sustainability of CIT's liquidity position, adverse trends in CIT's asset quality and borrowing costs, and their potential effect on the firm's profitability in future quarters. Moody's said that protracted capital market contractions could reduce the number and quality of liquidity alternatives CIT could reliably turn to in order to preserve operating flexibility. Moody's believes that CIT should maintain a minimum of 12 months forward liquidity while it transitions its funding profile to ultimately include more secured debt and deposits and less unsecured debt and bank loans. Positively, during the third quarter, CIT completed several funding initiatives that lengthened its liquidity horizon to the end of 2009, including renewing conduits totaling $6 billion, entering into a $500 million funding commitment with Wells Fargo, and growing deposits. In Moody's view, however, maintaining 12-months forward liquidity will become progressively more difficult for CIT given continued challenging market conditions.

**mmm...Jaz** · Oct 16th, 2008, 12:33 PM

AP
CIT Group's 3Q loss widens, restructuring unit
Thursday October 16, 10:51 am ET
CIT Group's 3rd-qtr loss widens as it restructures vendor-finance unit

CHARLOTTE, N.C. (AP) -- Financial-services company CIT Group Inc. said Thursday third-quarter losses widened due to significant charges related to the company's vendor-finance segment.

The New York-based company reported a loss of $317.3 million, or $1.11 per share, compared with a loss of $46.3 million, or 24 cents per share, in the same period a year earlier.

Analysts polled by Thomson Reuters, on average, had forecast a profit of 19 cents per share.

Shares of CIT Group fell 76 cents, or 16 percent, to $3.93 in morning trading.

CIT Group wrote down $455 million of goodwill before taxes related to its vendor-finance business, which helps equipment makers and dealers finance their clients' purchases. The company said the move was "triggered by diminished earnings expectations for the segment," which it is in the process of restructuring.

"Vendor-finance returns were disappointing and we are undertaking a restructuring of that unit," Jeffrey Peek, CIT Group's chairman and chief executive, said in a statement.

During the quarter, CIT Group closed on the $1.8 billion sale of its home-lending business and manufactured-housing portfolio.

CIT Group was among the hardest hit financial companies by the downturn in the mortgage and housing markets in 2007. Over the past year, mortgages have increasingly defaulted, forcing lenders to take billions of dollars in reserves to cover mounting losses and to reduce the value of their holdings.

The company also reduced its workforce by about 165 employees. It had 5,245 employees at Sept. 30, down from 5,425 at June 30.

CIT Group posted a loss of $301.6 million, or $1.13 per share, from continuing operations during the quarter. Finance revenue totaled $1.4 billion, up from $1.6 billion a year ago.