CIT -- How much better since bankruptcy?

I have a good shot at an opening at CIT within their Tech underwriting Lev Fin group. Most of what is written about them is 4+ years old on here. Anyone have an idea of how CIT has re-positioned themselves since crisis or even 3 years ago? Like are they "shit", as one monkey divulged on an old 13' post? I know I could make things happen and spin out to PE/IB if I took it, just want to make sure it's not a trap -- their earnings haven't been pretty lately at all.

Thanks.

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Comments (26)

Jun 20, 2017 - 4:47pm

I know people from a few of groups at CIT. As far as I know, they took on a fair bit of risk the past few years in an attempt to reestablish some groups in an already saturated environment. Some origination teams are being cut back and they had a hiring freeze across other groups. Take it as you will in determining how long you'd hope to stay there for.

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Jun 20, 2017 - 6:16pm

I have a few friends at the firm and I think general sentiment is better than it was during the crisis, and I think Thain definitely deserves credit for this. Generally I'm not too keen on prospects at the post-analyst level (broadly it appeared like a mix of corporate banking / lending to middle market companies).

At the analyst level the hours are comparatively better than their banking counterparts. (I think it was around 60-70 with 80 ish at peak deal times, but the mileage may vary on this). Comp from what I've been told was roughly 70k base with a 10k sign on and roughly 30-50% bonus, so you will be looking at roughly $100-110k at a conservative estimate as a first year analyst. Exit opps seem to be good, with some folks exiting to a variety of credit specific roles ( corporate banking, treasury, mezzanine funds). The move to IB also seems viable for something in their lev fin group presumably.

Overall it is a good experience and a fairly respectable name on your resume. You will likely see some interesting transactions that will set you up for good exits at the end of the analyst stint.

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Jun 21, 2017 - 11:10am

Fine if you are in Healthcare, energy, or aerospace and defense. Challenging environment if you are in TMT or sponsor. Capital Markets is also a decent group given the unique type of transactions that you can see and actually structure as well as syndicate. PM me if you would like to discuss more.

Jun 21, 2017 - 11:12am

I had a super day with them a few weeks back. My super day lasted about 8 hours and I interviewed with two groups. This first was their healthcare banking group and the second was their commercial/industrial lending group. The health care group was entirely run by former Citi ibankers. It is the “golden child” of the company and the most profitable part of the firm. I liked most of the people I met in the healthcare group and it seemed like a good place to end up. The healthcare group is very new and is trying to establish itself within the industry. I liked the people from c&I, but generally found commercial lending to be pretty dull.

Jun 21, 2017 - 11:16am

At least you're not FMR or Brandes.

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Jun 21, 2017 - 11:20am

CIT LevFin (Originally Posted: 07/09/2011)

Was looking for some info on CIT LevFin (not Citigroup...CIT), in particular their transportation group. I know this isn't IB per se, rather it's traditional middle market lending. Any insight on culture (post bankruptcy), what I can expect in an interview, hours, pay, exit opps, etc.

Thanks.

Jun 21, 2017 - 11:21am

Interested as well. Turned down an offer from them for SA in trade finance

I Got a dollar and a dream...
Jun 21, 2017 - 11:22am

Tread carefully because CIT's business model includes a LOT of loan servicing/operations roles. If you take a job with CIT make sure you'll be on the deal team, otherwise you'll be calling up some company that leased a rail car asking how many miles they put on this month or where their accounts receivable reports are.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
Jun 21, 2017 - 11:27am

CIT healthcare is the only group that does M&A at CIT. it is also their busiest group (most deal flow). They are a decent mm team and puts you at an extremely good spot for junior SA recruiting. I would definitely gun for healthcare if you want to get into an M&A group at another firm later on. Other groups focus on levfin, commercial lending only, but still not bad for a sophomore. good luck.

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