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

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

I worked at CIT

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 ManagementAdvice

Better focus on quality control and lending within CIT guidelines.

Doesn't Recommend

121 Other Employee Reviews for CIT (View Most Recent)

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  1.  

    Too much GE blood in this small-business-minded, Fortune 500 company.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Customer Service Representative  in  Chicago, IL
    Current Employee - Customer Service Representative in Chicago, IL

    I have been working at CIT

    Pros

    Majority of employees are friendly and easy to work with. Middle managment is talented and willing to work with lower employees. Plenty of projects and opportunities to get a wide variety of work experience. The company is large enough to offer good benefits package and fairly competitive compensation packages. Being of Fortune 500 size, it is a reputable company that can look really good on a resumee. Very corporate atmosphere, nice office space and comfortable amenities. Location of offices is usually very centrally located in major cities across the globe. Opportunities to expand globally are a possibility in the near future.

    Cons

    Small business sector (Rail) has limitied opportunities for advancement within the company. CIT is not very open regarding their compensation possibilities, everything regarding pay, bonuses, and raises is kept very quiet. Employee training programs are HORRIBLE. No way to advance your own knowledge within a position without looking for outside opportunities (which may or may not be reimbursed.) Knowledge and information systems seem very stagnant. Though new ideas are encouraged and received well, little encouragement and support in actually inputting those new ideas. Due to the nature of the [rail] industry, much of the technology is behind the times and not as efficient as it could be.

    Advice to ManagementAdvice

    Begin investing in employee development programs. This is key to employee retention. Also, place more importance on employee ratings systems. These are not taken seriously and there are employees who are very clearly not doing the work they are getting paid for. Start offering middle managment more support for fixing the problems.

    Approves of CEO
  2.  

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

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

    I worked at CIT

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Disapproves of CEO
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