Account
CIT Group Inc, a small-business lender operating under Federal Reserve supervision since emerging from bankruptcy, reported a lower-than-expected quarterly profit due to a 17% drop in its interest income.The company's net income was $162.6 million, or 81 cents per share, in the first quarter, compared with a loss of $427 million, or $2.13 per share, a year earlier when the company spent more on servicing its long-term debt.Analysts on average expected earnings of 88 cents per share, according to Thomson Reuters I/B/E/S.Total interest income fell to $355.8 million from $426.3 million a year earlier.The company, led by former Merrill Lynch Chief Executive John Thain, set aside $19.5 million for bad loans in the first quarter, up from $100,000 in the fourth quarter. CIT had set aside $42.6 million for credit losses a year earlier.Total deposits at CIT Bank grew to $10.6 billion in the latest quarter, up from $6.7 billion a year earlier. CIT lends to small and medium-sized businesses that ...
Citizens Against Government Waste President Tom Schatz on a study comparing the pay of government employees with those in the private sector.
FBN’s Charlie Gasparino on CIT CEO John Thain ’s efforts to refute his FOX Business reports.
FBN's Charlie Gasparino breaks down the latest on John Thain's efforts to sell CIT.
John Thain will have an uphill battle selling the CIT Group (NYSE:CIT) anytime soon, particularly to a big U.S. bank, and it has nothing to do with the décor of his ...
Comebacks on Wall Street aren't easy, particularly after you get caught spending gobs of shareholder money to redecorate your office with expensive rugs and somethin...
FBN's Charlie Gasparino on John Thain's efforts to sell CIT.
Already the No. 4 U.S. bank, Wells Fargo (NYSE:WFC) should consider expanding by acquiring rejuvenated commercial lender CIT Group (NYSE:CIT) for more than $10 billi...
FBN's Nicole Petallides breaks down stocks impacting the afternoon markets.
Wells Fargo chief economist John Silvia gives his take on the jobs report.
Former Minnesota Governor Jesse Ventura talks politics and weighs in on his new book.
Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expect...
CIT Group Inc, the small-business lender led by former Merrill Lynch Chief Executive Officer John Thain, said it lost $446.5 million in the first quarter after takin...
CIT Group Inc had preliminary talks over the past year and a half to sell itself to banks, including Toronto-Dominion Bank and Wells Fargo & Co , but nothing came of...
Consumers and business will take a financial hit regardless of whether Congress finalizes a deal addressing the so-called "fiscal cliff," as taxes appear certain to ...
WSJ Senior Economics Writer Steve Moore on the fiscal cliff negotiations and their impact on the markets.
Duncan Niederauer, the chief executive of New York Stock Exchange operator NYSE Euronext, once boldly proclaimed that his company could not be acquired.Last year, ev...
CIT Group Inc, the small-business lender led by former Merrill Lynch Chief Executive John Thain, posted its third straight quarterly loss, hit by debt redemption ch...
FBN's Charlie Gasparino says former Federal Reserve governor Kevin Warsh is seen as a possible front-runner for Treasury Secretary.
FBN’s Charlie Gasparino with news that John Thain is having issues trying to sell CIT.
Quotes delayed at least 15 minutes. Real-time quotes provided by BATS Exchange. Market Data provided by Interactive Data (Terms & Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETF data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.
This material may not be published, broadcast, rewritten, or redistributed. ©2013 FOX News Network, LLC. All rights reserved.