CIT Reviews | Glassdoor

CIT Reviews

Updated February 15, 2017
57 reviews

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2.0
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Ellen Alemany
3 Ratings

57 Employee Reviews

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Pros
Cons
  • No real management direction, no accountability from senior management (in 16 reviews)

  • No flexibility, work life balance barely exists in some departments (in 6 reviews)

More Pros and Cons

  1. Helpful (1)

    "Going Down the Tubes"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Managing Director in New York, NY
    Current Employee - Managing Director in New York, NY
    Doesn't Recommend
    Disapproves of CEO

    Pros

    They bribed me to join the company. It is currently in turnaround mode. There is not that much pressure as so many people in the company are not currently performing.

    Cons

    Company is currently in distress. Without access to the unsecured credit markets, it is tough to originate new loans. The company is too large for its present level of business activity and it needs to be severely downsized. Thus, working there is a constant uphill battle if you are actually trying to deliver results. There is a general malaise among employees.

    Advice to Management

    Sell the company soon to someone that has cheaper access to funds.


  2. Helpful (1)

    "The company has great benefits, but you may find yourself unhappy and unsatisfied."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Jacksonville, FL
    Current Employee - Anonymous Employee in Jacksonville, FL
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The benefits are good. They start you up on medical and dental immediately, no waiting period. the 401k match is great. overall the benefits are some of the best I have seen. The main reason I accepted the position

    Cons

    The training is horrible, No one wants to share information. There is little team work here. communication is lousy.

    Advice to Management

    I would suggest he offer better training. Train managers to better assist their employees with work related issues. encourage the employee do better at their job. Your current mid to low level management often berate their employees for making simple mistakes.


  3. "18 months spent at the CIT Group, Inc."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Management Associate in Charlotte, NC
    Current Employee - Management Associate in Charlotte, NC
    Doesn't Recommend

    Pros

    The company has a good benefits package. There is a good work/life balance culture. There are seasoned veterans with a wealt of knowledge.

    Cons

    The Charlotte office has a flat organizational structure so there is not much movement for growth and advancement. After successfully completing the management associate program management associates are placed in positions where there is a need. The position may not necessarily be a good fit for the management associate.

    Advice to Management

    There are many seasoned veterans who have a wealth of experience at CIT. That is a positive. CIT should recognize that young talent who come to the organization should be groomed to rise up within the organization. Nepotism and handpicking certain employees for positions should be discouraged. It creates an environment where employees become distrustful of management. Try to foster an inclusive work environment as oppose to an exclusive work enironment. Work relations within the organization may greatly improve.


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  5. "Crazy place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Vice President in Livingston, NJ
    Current Employee - Assistant Vice President in Livingston, NJ
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good pay package. I received a large increase in pay to work there. They spend on technology and provide the tools you need to do a good job. They provide adequate levels of training. Good work life balance.

    Cons

    No opportunity for advancement. The in-fighting was ridiculous among the various groups who could not get along. Each manager or executive blindly supports his own people.

    Advice to Management

    Improve the retention by enhancing the ownership and opportunities you provide to employees. Enact a job rotation program to provide a broader scope to employees.


  6. "Lacking!"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Servie Representatitve in Chicago, IL
    Current Employee - Customer Servie Representatitve in Chicago, IL
    Disapproves of CEO

    Pros

    Flexible scheduling, good staff, comfortable environment, well-located, decent pay

    Cons

    little/no room for advancement, little guidance and developement, poor competency amidst management, outdated or non-existent procedures

    Advice to Management

    Education, advancement, and open-mindedness are all lacking


  7. "ehhh"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Cleveland, OH
    Current Employee - Anonymous Employee in Cleveland, OH
    Doesn't Recommend
    Disapproves of CEO

    Pros

    good pay & benefits, nice time off. employees get the attention they need. work hard and maybe you'll get promoted.

    Cons

    chances of getting promoted are slim. most of management is terrible. no water really knows whats going on. bonus is terrible.

    Advice to Management

    do better communicating with employees. tell the truth and be honest with your people. maybe even promote people more. that would be nice.


  8. "Company not sinking, but also going nowhere fast."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Rail Leasing Customer Service/Mechanical in Chicago, IL
    Former Employee - Rail Leasing Customer Service/Mechanical in Chicago, IL
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Good location, entry-level compensation is adequate, management is generally personable and easy to get along with, excellent in-office systems & equipment, and a good amount of knowledge resides in the office.

    Cons

    No opportunity for advancement. Mid-level managers are exclusively grifted from GE or GATX; upper management (based in NYC) treats the rail division as a mere curiosity. Staff has limited knowledge of railcars outside of the mechanical group, and that group has been intentionally skeleton-ized and outsourced. (The finance group, on the other hand, is unnecessarily bloated) People with valuable industry knowledge & experience work here but middle management only rarely solicits opinions; decisions are always final, and often made without regard to feasibility and practicality.

    Advice to Management

    Remove current division management and begin the process of identifying (and fast-tracking) those within the group who have not only the knowledge of the industry, but a passion for it as well. Too many 401K-chasing managers work here who have the booksmarts, but no real motivation to make CIT a premier company in this industry. Company literature advertises CIT as being an industry leader in rail transportation finance, but from a customer's point of view they're probably #4 or 5, and dropping.


  9. Helpful (1)

    "Culture of disrespect by certain people in management makes it uncomfortable especially for new employees."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY
    No opinion of CEO

    Pros

    Pay, Location, Experience working for finance co. in NYC. Some nice colleagues.

    Cons

    Poor onboarding procedures. HR not helpful. Technology always on the blink. IT dept in need of serious overhaul. Pray you get a respectful boss. Mine was hellish.

    Advice to Management

    Management should take a look at the staff turnover in certain departments. There must be a reason why certain positions are vacated so frequently.


  10. "New management does not care about loyal long-time employees"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • 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
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at CIT full-time (More than 8 years)

    Pros

    Salary, benefits, and vacation were good

    Cons

    Top 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 Management

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


  11. Helpful (1)

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

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Livingston, NJ
    Current Employee - Anonymous Employee in Livingston, NJ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    1) 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

    Cons

    1) 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 Management

    1) 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.



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