CIT Reviews

Cons

Process and procedures can change rapidly. Company is very focused on its strategic plan which can slightly affect comp and benefits (although not much)

Cons

The management of the corporate functions has been a revolving door. That is because of the senior leadership. There is lack of direction and trust. The senior manager does not trust her people to do their jobs and that creates a trickle down effect. Lower level managers suffer because of distrust and incompetence at the top.

Cons

A lot of turn-around. Old systems.

Cons

Unsecure job, constantly worried about the company being sold.

Cons

poor senior leadership - excessive spending (two corp. jets, enriched separation packages, loading of SVP level from prior employers . . the usual) at the higher levels while constantly focused on cost cutting at lower levels has led to poor morale. Relatively small company; minimal opportunity to move up and no thoughtful succession planning.

Cons

The robust technology infrastructure and discipline was abandoned after Indymac collapsed. There is no modern data management, data governance discipline. The supervisory and management level staff who remain from the Indymac days have been promoted well past their experience and ability as there was no motivation or ability to hire external candidates into a semi-dormant organization that exists to provide CIT wholesale with cheaper cost of funds from depository base. The lack of interdepartmental respect is a common theme discussed in HR feedback sessions. It's as if the legacy staff is still shell-shocked from the Indymac collapse and is paralyzed or just doesn't care about working with anyone outside their silo. There is no accountability to organizational efficiency or process improvement which would rely on some IT sophistication that does not exist. Each functional area has reverted back to very manual activities that technology has long since obviated. With little brand recognition and market presence, they originate a few loans and buy they other 2/3rds. Except as a cheap source of deposit funds, I wonder why we exist and retail customers don't just go over to any credit union which will have a broader product spectrum.

Cons

Promotions have less to do with merit and too much to do with how many titles there are between you and your manager.

Cons

cost reduction initiatives is impacting talent

Cons

OCC didn't like the held paper

Cons

They don’t pay like traditional banks and could offer better annual salary increases. I expect this to change once the bank transitions more.