CIT Group Questions

Question, how is CIT Group percieved on the street? I know they had problems in the crisis but is it decent to work there as an analyst or intern? Is the comp equal or close to street level? What are exit ops for a typical analyst? Thanks!

 

Primarily middle market lending with some exposure to PE as the senior lender. Tough to break in directly to PE, but I think there are opportunities to join a CLO or lateral to a leverage finance group at an investment bank. I don't think pay is comparable as you don't work as many hours (but I don't know the details).

 

I interviewed with CIT group for a lateral senior analyst role earlier this year. My impression was that they were still trying to find a culture and re-establish themselves in the market place. Also, they were pretty up front with me in regards to having to gett used to the immense amount of government oversight they are still under, and how that was effecting getting business done.

BTW, the posistion was in the transportation levfin group.

 
Best Response
tan86:
I interviewed with CIT group for a lateral senior analyst role earlier this year. My impression was that they were still trying to find a culture and re-establish themselves in the market place. Also, they were pretty up front with me in regards to having to gett used to the immense amount of government oversight they are still under, and how that was effecting getting business done.

BTW, the posistion was in the transportation levfin group.

would be great if you could add this under the Interview Insight in the WSO Company Database: //www.wallstreetoasis.com/wso-company-database

...damn, don't think we have CIT in there yet as a company though. any help you guys can give is very much appreciated.

Thanks, Patrick

 

Curious, was this for CIT's transport leasing group (plane/railcar finance etc) or for the transport practice for general corporate lev fin, or both? I know at one point transportation lease finance was its own group, not sure if that's still the case.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

I know a few people who work there. It's a very reputable name to a lot of large corporations and work closely with many ibanks. They are a very large lending/financing firm dealing with a lot of F500 companies. From what I know a lot of their lending is to large equip co's. They recently opened an investment banking arm a few years back. I know someone who works in their M&A division and seems to be busy with dealflow (mainly healthcare). I also believe there have been a few internal shake ups and less-than-perfect performances in the past few years, including a few layoffs (like many other fin institutions during this time)

As far as compensation, I'm not positive but I wouldn't be surprised if your description was accurate. The culture seems to be pretty work intensive and the people I've talked to are very personable at the same time.

If you're interested in their corp fin department and want to do leveraged finance it seems like a really good opportunity. Good luck with everything.

 

I interviewed with them last year. I interviewed with the industrial group and the healthcare group. As far as I know they are mainly a commercial lender with the exception of the healthcare group which does M&A type work. At the time the healthcare group was the gem of the company (according to the healthcare MD) and was run mainly by ex Citi bankers.

 

Very much MM/lower MM for what it's worth, and pre-2007 very dependent on using their balance sheet to "buy" deals.

They're working to rebuild themselves; IMO their most valuable corporate assets/franchises are their non-corp fin groups like leasing, trade finance, consumer finance, etc. Working as an actual lender/underwriter would be preferable to being in corp fin advisory (IB) to me, though I'm not sure how they organize it anymore-there may not be a distinction.

Trade finance is basically factoring and working capital lines, it's very different from cash-flow based lending and I'm not sure how transferable the skillset would be. CIT is a big player within that space, though.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Kenny_Powers_CFA:
Very much MM/lower MM for what it's worth, and pre-2007 very dependent on using their balance sheet to "buy" deals.

They're working to rebuild themselves; IMO their most valuable corporate assets/franchises are their non-corp fin groups like leasing, trade finance, consumer finance, etc. Working as an actual lender/underwriter would be preferable to being in corp fin advisory (IB) to me, though I'm not sure how they organize it anymore-there may not be a distinction.

Trade finance is basically factoring and working capital lines, it's very different from cash-flow based lending and I'm not sure how transferable the skillset would be. CIT is a big player within that space, though.

Hey, could you explain a bit more about what exactly trade finance is, appreciate it

 

Receivables lending, purchase order financing, vendor/inventory loans, and letters of credit are all forms of trade finance. Google those terms and you should be able to find plenty of resources.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 

i mean, i fell it's definately in the conversation, maybe more specifically corpfin than ibanking, but it's an 80billion mktcap firm, you're saying it gets no respect on the street?

they offer analyst training programs...i guess im wondering how that stacks up against, say, UBS's or Merrill's all else being held equal, in terms of prestige exit ops.

thx.

 

Your exit ops will have almost nothing to do with the bank you went to (when comparing among BBs, maybe GS or MS will give you an edge) and everything to do with how well you sell your experience during your interviews. Seeing as two people can go through the analyst program at the same bank and come out with vastly different experiences, the comparison is just a waste of time.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Not sure about their other groups, but their MM M&A group has recently improved greatly. They just recently acquired Edgeview Partners a well regarded boutique M&A shop (mostly ex-Bowles Hollowell bankers).

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

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