CIT Reviews

Updated July 20, 2015
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3.2
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CIT Chairman and CEO John A. Thain
John A. Thain
74 Ratings

Pros
  • There is a Good work-life balance (in 16 reviews)

  • Great company, good benefits, nice atmosphere (in 15 reviews)

Cons
  • Senior management lacks transparency (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 5 reviews)

More Pros and Cons

166 Employee Reviews

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  1. Don't bother, if CIT survives it may not be of any value to work there.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President of Information Technology in Livingston, NJ
    Former Employee - Vice President of Information Technology in Livingston, NJ

    I worked at CIT

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Technology is leading edge. Some of the front line technologists left are very highly skilled. Most have left or were outsourced to India.

    Cons

    Outsourcing culture. Senior management is very susceptible to group think. Like minded individuals with poor management, decision, and communication skills who surround themselves with individuals with poor management, decision, and communication skills.

    Advice to Management

    You have lost the company's trust. Decisions that were made to make CIT a Fortune 200 company have backfired and now the company is trying to survive during this financial crisis.


  2. Helpful (1)

    Not surprising the Home Lending unit failed during sub-prime crisis!

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Underwriter in Saint Louis, MO
    Former Employee - Underwriter in Saint Louis, MO

    I worked at CIT

    Doesn't Recommend
    Doesn't Recommend

    Pros

    The benefits package wasn't too bad. I was able to get most days off. Some of the other supporting staff was very pleasant to work with on a daily basis.

    Cons

    Management at local office was more concerned about the bottom line than the underwriting the correct way at times. This was a problem throughout the whole sub-prime industry. Doing the right thing and following guidelines all of the time would get you labeled a trouble maker. When asking for days off management would sometimes ask too many questions about why you wanted to take a day off or use a personal day.

    Advice to Management

    Better focus on quality control and lending within CIT guidelines.


  3. Hierarchies and fiefdoms; bureaucratic, stifling with no opportunity for innovation

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - VP+ in Livingston, NJ
    Current Employee - VP+ in Livingston, NJ

    I have been working at CIT full-time (Less than a year)

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    Pay... maybe. CIO is new, and there's hope.

    Cons

    Stifling, bureaucratic, extreme administrative overhead. People cannot seem to execute on new. Stuck in hierarchy and fiefdoms. The market they're in is rife with opportunity but the "guard" stops any innovation in it's path. Antiquated infrastructure with zero tools for collaboration.

    Advice to Management

    Clean house.


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  5. Not the same company anymore

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at CIT

    No opinion of CEO
    No opinion of CEO

    Pros

    Has good medical and dental benefits

    Cons

    Since the new CEO and CIO joined the company, many re-organizations have occurred and jobs impacted. Didn't take the time to assess talent and move individuals to different positions.


  6. Helpful (1)

    stagnant. Oppresive working atmosphere.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Originations in Jacksonville, FL
    Current Employee - Originations in Jacksonville, FL

    I have been working at CIT full-time (More than 8 years)

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    decent med and dental benefits. Nice coworkers. Good central location in Jax Fl. Decent shift work. Close to shops and restaurants.

    Cons

    Low morale. Little or no advancement opportunities. Absentee mgmt. Bonuses unfairly distributed.

    Advice to Management

    To Corp in NJ I say start fresh with Jax mgmt from top to bottom. Train your mgrs. Stop tge nepotism in hiribg and promotion process. Fire HR Mgrs. Curent staff does not want to get involved in employee complaints. They rat you out! You get black-balled.


  7. Helpful (1)

    Hostile IT work environment in survivor mode.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Livingston, NJ
    Former Employee - Vice President in Livingston, NJ

    I worked at CIT full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    My particular group was fantastic, but almost all either left or were let go. The only good news is that they gave me an excellent package and large bonus, but I can only assume that this will be changed soon, so don't count on it. The new CIO brought in some good directors, but let all the worker bees go. Now what did that cost?

    Cons

    The IT department is a hostile work environment. There are people there who can only be described as needing medication. Processes date from the 80's. There is a Mainframe mentality. May I quote : "What's wrong with mainframe?". This company is in survivor mode after going through a bankruptcy.

    Advice to Management

    Do some 360 feedbacks. You have not got a clue who your best people are and are not.


  8. Helpful (1)

    No direction - bad place for women

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President in New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at CIT full-time (More than 5 years)

    Recommends
    Negative Outlook
    Disapproves of CEO
    Recommends
    Negative Outlook
    Disapproves of CEO

    Pros

    Great mid-level management team. Good benefits package and reasonable work/life balance depending on role.

    Cons

    No strategic direction. Disturbingly high number of senior executives without requisite skill set to perform effectively. Token female representation in leadership team. Senior women often pushed aside to provide development opportunities for men. In general, lip service paid to employee development.

    Advice to Management

    Executive management needs to be rebalanced with experienced bank managers.


  9. Helpful (5)

    Experience depends on the department

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Developer in Livingston, NJ
    Current Employee - IT Developer in Livingston, NJ

    I have been working at CIT full-time (More than 8 years)

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Pros

    Great Leadership if you are in the finance departments. John Thain really is a visionary and brilliant manager. Good salaries and flexible work/life balance in general.

    Cons

    Terrible IT leadership. The CIO brought in 10 managers from UBS to secretly offshore/outsource the IT staff. They are killing morale and destroying the ability of the IT staff teams to deliver on any projects. One manager is dumber than the next and they are only focused on their bonuses. I've never worked for a company where EVERYONE in IT that wasn't a manager was looking for a job - It's incredible and really sad since you have some great people in the organization. Also very tough for women to work under this crew. They really think it's 1970 - You wouldn't believe the wildly inappropriate comments that come out of this UBS crew.

    Advice to Management

    Fire the lot of them and put in IT management that actually cares about the overall corporate goals and isn't trying to get around labor laws by driving out the existing staff.


  10. All about facetime

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Human Resources in Livingston, NJ
    Former Employee - Human Resources in Livingston, NJ

    I worked at CIT full-time (More than a year)

    Doesn't Recommend
    No opinion of CEO
    Doesn't Recommend
    No opinion of CEO

    Pros

    CIT is a large global financial institution across several markets--good opportunities to grow. Headquarters are in NJ but in NYC as well.

    Cons

    All about the facetime - work life doesn't matter to mgmt as this company is typically a vacation away from the more competitive banking. While everyone has laptops, old school mgmt looks down if there are empty seats at 6 pm even on Friday nights in the summer

    Advice to Management

    Need a better career proposition to keep strong talent other than ' these hours are better then Merrill'


  11. Helpful (1)

    Nice People! But a very unpleasant place to work!

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Vice President in New York, NY
    Former Employee - Senior Vice President in New York, NY

    I worked at CIT full-time (More than 5 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    There are none! Most of the people there are very nice. But there is not much else to say!

    Cons

    1) The corporate culture is awful 2) There is little to no employee development, continuing education, training etc. 3) The firm's offices are 20 years out of date and the office equipment and offices are a wreck. The carpets are stained everywhere. 4) The firms technology, systems and infrastructure is pitiful. There is a high turnover in the technology group. 5) Each of the operating units is run like it is a separate company and there is little synergies, coordination or cooperation. 6) There is little ambition among employees. It seems that many stay for a few years until something better comes along 7) The firms finance, risk, credit and other policies and procedures are very outdated. 8

    Advice to Management

    I think John Thane and Scott Parker need to rip the firm apart and rebuild it from the ground up. What they have now is very broken and unfixable!



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