Citi Downgrades CIT Group (CIT) to Neutral
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CIT Reports Fourth Quarter 2015 Net Income of $144 Million ($0.72 Per Diluted Share); Full Year Net Income of $1,057 Million ($5.67 Per Diluted Share)
February 2, 2016 6:30 AM UTCResults Include After-Tax Charges of $76 million ($0.38) Per Diluted Share Related to Strategic Initiatives and Restructuring Charges Completed sale of Brazil business, streamlined senior management structure and recognized a tax benefit on a previously sold international portfolio; Grew Financing and Leasing Assets Combined North America Banking and Transportation & International Finance financing and leasing assets grew 27% from a year ago, (5% excluding assets acquired from OneWest Bank); Continued Progress Towards Bank-Centric Model 65% of total financing and leasing assets in CIT Bank and deposits represent 64% of total funding; reduced weighted... More
