CIT Announces John F. Daly to Retire as President of CIT Trade Finance

Retirement Effective June 29, 2012

NEW YORK--()--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that John F. Daly will retire as President of CIT Trade Finance effective June 29, 2012.

“John’s leadership and invaluable contributions over the years have maintained CIT’s position as a leading provider of factoring in the United States,” said John Thain, Chairman and Chief Executive Officer of CIT. “Drawing on nearly four decades of experience in factoring, credit administration and secured lending, John has worked tirelessly with manufacturers, wholesalers, importers and their retail customers throughout his career and has established himself as the “Dean of Factoring.” I wish John the very best in his upcoming retirement and thank him for his years of committed service to CIT and our clients.”

Daly has served as President of CIT Trade Finance since 1999. Prior to this, he was Executive Vice President and Senior Credit Officer of CIT Trade Finance and served in various other senior management positions since joining CIT in 1987. Daly began his factoring career in 1973 with Manufacturers Hanover Commercial Corporation, one of several predecessor companies to CIT.

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About CIT Trade Finance

CIT Trade Finance is a leading provider of factoring services in the United States for companies that sell into retail channels of distribution. It provides credit protection, accounts receivable management and asset-based lending to manufacturers and importers.cit.com/TradeFinance

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50297911&lang=en

Contacts

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com

John F. Daly, President of CIT Trade Finance, announced that he would retire effective June 29, 2012. (Photo: Business Wire)

John F. Daly, President of CIT Trade Finance, announced that he would retire effective June 29, 2012. (Photo: Business Wire)

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Release Summary

John F. Daly, President of CIT Trade Finance, announced that he would retire effective June 29, 2012.

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Contacts

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com