CIT Group launched its first mobile banking app last quarter. Yeah, no one else noticed either. CIT Bank, the financial conglomerate’s $16.1 billion online bank, was launched in 2011 to diversify its parent’s funding. Indeed, CIT nearly went bankrupt during the credit crisis when the capital markets all but silenced,Read More
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There are many ways to measure bank efficiency, but in 2013 net income per employee was arguably the best indicator of all for stock performance among large financial institutions. Net income per employee — net income divided by total employees — indicates whether, on a deep level, a financial institution isRead More
Online banking is booming for CIT Bank. The financial services company yesterday reported that it had secured $11.1 billion in new deposits last quarter, of which $6 million, or 54%, came through the online channel. During the same quarter in 2012, but 20% of CIT Bank’s deposits came from itsRead More
Last October, CIT Inc., a troubled, if massive financial services conglomerate, decided it would get hip and launch an online bank at www.bankoncit.com. So far, the performance has been so-so. Yesterday, CIT disclosed that the bank has generated about $600 million of deposits since its launch. In the bank’s view, that’sRead More
The last few years have not been good to the CIT Group. The finance company’s bad bets on subprime mortgage finance, among other asset classes, put it on the brink of oblivion. That scare continues to mold CIT’s actions, as evidenced by the $700 million or so of student loansRead More