CIT Group announced its strategic plan designed to drive long-term shareholder value.
“Today, CIT announces steps to focus on our core businesses, improve our financial performance and transition our strategy to become a national middle market bank serving our customers with an integrated set of financing and deposit products,” said Ellen R. Alemany, incoming chairwoman and CEO of CIT Group, and CEO and president of CIT Bank.
“The CIT Board of Directors and management team have been conducting a strategic review of our businesses and are taking decisive actions to chart a clear path forward to drive value for shareholders and to demonstrate our commitment to our customers, communities and employees.”
CIT is committed to positioning the company to deliver long-term value for shareholders while maintaining a strong risk management culture. CIT’s strategic priorities to advance its transition to a leading national middle market bank include:
Additionally:
Alemany concluded, “Our Board and management team are fully aligned with shareholders and are committed to thoughtfully considering their feedback into our ongoing decision-making. With our recent actions and the decisions we are announcing today, we are strengthening our culture of ownership, accountability and transparency at CIT. Our strategic plan of focusing on our core businesses and leveraging the strength of our franchises and risk management practices will maximize value for shareholders and position CIT as a leading national middle market bank.”
In connection with today’s strategic update call, CIT is delivering a slide presentation which is available at cit.com/investor.
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