CIT
2.9 of 5 113 reviews
www.cit.com New York, NY 1000 to 5000 Employees

CIT Reviews

Updated Jun 25, 2014
All Employees Current Employees Only

2.9 113 reviews

                             

79% Approve of the CEO

CIT Chairman and CEO John A. Thain

John A. Thain

(48 ratings)

41% of employees recommend this company to a friend
113 Employee Reviews
in

Review Highlights

Pros:
  • "Good salaries and flexible work/life balance in general"
    in 10 reviews
  • "Good benefits package and reasonable work/life balance depending on role"
    in 13 reviews
Cons:
  • "Senior management is not in touch with all of the businesses"
    in 8 reviews
  • "this was once a good company but senior management team broke it and continue to drive this ship in the dirt with reckless abandon"
    in 4 reviews
  • Show more review highlights

Reviews

    • Culture & Values
           
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    • No Opinion of CEO

    1 person found this helpful  

    I do not consider CIT a world class Financial Services Organization

    Anonymous Employee (Former Employee)

    ProsNothing to share. I do not have any pro's to speak of that were not personal in nature. Headquarters in NJ is convenient for many of the employees.

    ConsEverything was second rate compare to other financial services companies. Compensation, career potential and the quality of management will never be at the same level of its competitors.

    Advice to Senior ManagementDo not make committments to change and people that you cannot and will not keep.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    2 people found this helpful  

    Dedicated Staff, marginal management

    Anonymous Employee (Current Employee)

    ProsCoworkers band together despite frequent management replacements

    ConsManagement still cannot get it right

    Advice to Senior ManagementFind work in a different industry sector or planet.

    – I'm not optimistic about the outlook for this company

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    Pressure-packed work environment

    Vice President of Information Technology (Current Employee)
    Livingston, NJ

    ProsGood work/life balance. Well-run cafeteria. Most people are nice and easy to work with. Good opportunity for on-the-job learning. Some directors go the extra-mile to make CIT a satisfying place to work.

    ConsNot enough directors go the extra-mile to make CIT a satisfying place to work. No opportunity to learn new things, unless self-motivated and can squeeze it in. Those with talent are stretched too thin. Those that are less-motivated get away with doing the bare minimum. Some subordinates feel managers aren't in-touch, therefore those managers are not respected. Promises made by management are too often not kept. Managers that are sharp are not appreciated. Low employee morale. Lots of job-seeking going on. Plenty of complaints, bad language, bad attitudes, and behind-the-back-bad-mouthing. Goal setting policy is implemented like it was a forced government mandate rather than as a tool to develop talent. Politically correct surveys are a joke.

    Advice to Senior ManagementRecognize the talent you have and reward it. Create a policy of regularly clearing out dead-wood. Implement a 360 degree feedback program.

    No, I would not recommend this company to a friend

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    • Disapproves of CEO

     

    Broken Model

    Senior Vice President (Former Employee)
    Livingston, NJ

    ProsGood hard working middle level people

    ConsBroken business model, lack of clear leadership, all tactical no strategy

    Advice to Senior ManagementSell

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Just another paycheck

    Vice President (Former Employee)
    Livingston, NJ

    ProsFlexible work hours, really nice cafeteria...that's about it. Oh, if you're in the right department, and know the right people, and say the right things, you could do OK.

    ConsFrom the tech dept. perspective. Too many consultants who are only interested in their current position and will leave the second something higher paying comes along. No long term outlook. Constantly shifting goals. Lots of layoffs, it has been almost a constant several times a year for the last five years. No one there that is over 30 actually does work anymore, they all direct "offshore" people. Onerous paperwork and regulations. Almost seems like you have to fill out a form to use the rest room. There's more, but I won't bother.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Interesting time at CIT Group

    Anonymous Employee (Current Employee)

    ProsGreat employees who work hard

    ConsBelief that current employees don't have the skills needed

    Advice to Senior ManagementTrust your employees to get the job done

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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    2 people found this helpful  

    Low Morale in IT Department

    Anonymous Employee (Former Employee)
    Livingston, NJ

    Prosmany people stay at CIT for a long time

    ConsIT Department has had multiple layoffs in recent years leading to low morale and fears of total outsourcing of IT. Culture is focused on compliance and not technology. limited room for internal growth. majority of high-level positions have gone to new hires and not internal candidates. Business has low regard for IT department and thinks of them as an expense only.

    No, I would not recommend this company to a friend

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    CIT post Bankruptcy

    Director (Former Employee)
    Livingston, NJ

    ProsNew C level team has smarts, and getting out from under a C & D is big step

    ConsMiddle manage is same fools that allowed firm to fail, allworried that Thain will get rid of them he seems to have given them a chance to get on board, but most are just worthless self important over paid spinners

    Advice to Senior ManagementGet rid of the nest of Snaks you have as P&L leaders and back up the CCO

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Grab a life jacket as the CIT ship has BIG holes and the ride will be rough!

    Anonymous Employee (Current Employee)
    Livingston, NJ

    Pros1) Immediate colleagues, though numbers have been dwindling due to numerous RIFs
    2) Decent benefits and telecommuting option
    3) Okay RIF package from what I have heard

    Cons1) Since emerging from bankruptcy, CIT has been trying to act like a bank with limited success.
    2) Too many MDs/Directors and not enough people who do substantive work.
    3) Compliance has been heavily staffed up, but business lines have experienced numerous RIFs.
    4) Cumbersome and idiosyncratic credit process that is slow to react to market changes.
    5) Extremely low employee morale due to continuous RIFs, reorganizations, merger rumors, portfolio sell-offs, etc.
    6) Very limited career advancement opportunity based on who you know rather than what you know.
    7) Antique IT systems.

    Advice to Senior Management1) Concise and substantive credit proposals should be the norm rather than lengthy check-the-box dissertations.
    2) While it may be easy for credit to say no, that is not conducive to generating income when we are already so light on assets.
    3) Propose rational credit enhancements/structural changes rather than idealistic wish lists that are out-of-sync with the market.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Culture & Values
           
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    New management does not care about loyal long-time employees

    Vice President of Information Technology (Former Employee)
    Livingston, NJ

    ProsSalary, benefits, and vacation were good

    ConsTop management is systematically purging all of the loyal employees who kept the company going through bankruptcy, taking on multiple roles and stepping up to get the job done. This will eventually haunt them when the economy picks up and the brain drain is controlled by the employees not management.

    Advice to Senior ManagementBe faithful to those that run the business day-to-day and treat them with some respect.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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