CIT Reviews | Glassdoor

CIT Reviews

Updated February 18, 2017
174 reviews

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174 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 (4)

    "Could be better"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Generalist in New York, NY
    Current Employee - Generalist in New York, NY
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at CIT full-time

    Pros

    Pay is reasonable. You can have a life outside of work.

    Cons

    Does not care about engaging and empowering employees. Very low morale in the company.

    Advice to Management

    Pay attention to your employees and be more flexible.


  2. Helpful (1)

    "Clear Goals, Muddled Execution"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Neutral Outlook
    Approves of CEO

    I have been working at CIT full-time (More than 3 years)

    Pros

    Pay for some positions above industry average. New CEO is trying to be more transparent.

    Cons

    Many managers seem to be having a hard time adapting to change. Want to do things the old way.

    Advice to Management

    Keep the transparency efforts going.


  3. Helpful (1)

    "Senior operations specialist"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Operations Specialist in Charlotte, NC
    Current Employee - Senior Operations Specialist in Charlotte, NC
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at CIT (More than 3 years)

    Pros

    Long time employee. Good benefits. New management is impressive

    Cons

    Compensation isn't great. Staff reductions = more work that doesn't equate to bonus or raise

    Advice to Management

    Pay more attention to the people/areas that keep your organization running -literally.


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  5. Helpful (1)

    "OK place with good work life balance"

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

    I have been working at CIT full-time (More than 3 years)

    Pros

    work life balance and people

    Cons

    pay, internal processes, and internal computer systems

    Advice to Management

    Need better internal IT systems


  6. Helpful (6)

    "Run as fast as you can"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    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 (More than 3 years)

    Pros

    Still looking for one... Yet to be found.

    Cons

    Completely dehumanizing place to work. Management sends condescending emails to the entire firm about performance. Blanket statements like banishing work from home. The latest is that they threw away all the plants in the office, including employee's personal plants. They have no respect for you as a person with a life outside of work. If you're out when they need something and you turn around and come back, that is still not good enough they threaten to fire anyone who is not immediately responsive regardless of where you are or what you're doing to their calls. Management also loves a good rumor and if you show any weakness they pounce. Total Lord of the Flies type of crap. I have worked in a handful of companies in my 15 years and this is by far the absolute worst place I have worked by miles.

    Advice to Management

    Ask your mommy what the golden rule is because you've seem to have forgotten.


  7. Helpful (3)

    "Lots of change...pretty much a perpetual state of change."

    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
    Positive Outlook
    Approves of CEO

    I have been working at CIT full-time (More than 3 years)

    Pros

    Good people. Good opportunity for motivated types. Things are getting better wth new CEO.

    Cons

    Continuous strategy changes. Continuous stamps of layoffs. The workforce has gotten lean over the years, but the amount and speed of work have steadily grown.

    Advice to Management

    Communicate more often and with more info. Default to pen - trust your employees and share the good and the bad messages. Get rid of some management layers and replace with lower cost worker bees.


  8. "Solid Summer Internship Experience"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Intern - Intern in New York, NY
    Current Intern - Intern in New York, NY
    Recommends

    I have been working at CIT as an intern (Less than a year)

    Pros

    Great company filled with passionate employees. Everyone is kind and welcoming. As an intern, I felt everyone cared about my learning experience and was always open to answer questions.

    Cons

    There was not as much work to do as I would have liked. I spent a good amount of time just browsing the web on my computer.

    Advice to Management

    Put together more formal work for interns to help them learn and contribute to the company.


  9. Helpful (8)

    "Ineffecitive Senior Management"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at CIT (More than 3 years)

    Pros

    The company offers a pretty terrific benefits package, for example: immediate 401k matching up to 50%, 3-4 weeks vacation, FSA accounts for child care, 4+ weeks of parental leave, educational reimbursements, and casual Friday apparel options.

    Cons

    After the acquisition of OneWest Bank, a lot of the most talented and effective senior mangers that made OneWest Bank a profitable acquisition were let get go and paid out of their very large retention agreements (i.e. "golden parachutes"). These effective managers were almost entirely replaced on a seniority basis with long-time CIT Group employees, but seniority-based or loyalty-based promotions are almost always worse than performance-based promotions, and it shows.

    It some cases newly promoted senior managers lack even the mental acuity to quickly grasp the complexity of their roles, ensuring that lower level employees need to explain the same concepts over and over again. This wastes time and prevents effective decision-making when dealing with senior managers who generally are so deep in over their heads they have to reschedule at minimum three times before they can make any given 30 minute meeting. Plus, this constant schedule shuffling often pushes meetings late into the evening for east coast employees, which is unfair to them and everyone else involved.

    Secondly, there is a coldness to the approach of senior management such as a routine quarterly email that unceremoniously declares certain weekend days and holidays as "business days" without any indication of what these full-time salaried employees might receive in return for their sacrifice. At the very least, extra vacation days could be offered for each required "business day" that happens to fall on a weekend date or holiday. Many employees are professionals with families after all, and their weekends and holidays may be the only real time they have to spend with their children.

    Advice to Management

    The company is experiencing serious problems with its stock price, which affects executive compensation and creates a sense of urgency among senior management to "fix it". The CEO seems to have identified the problem to be an identity crisis: "Is CIT a commercial bank? Is it a financial services conglomerate? What is it?"

    The problem is that CIT is the product of myriad acquisitions over the past 10 years, with each acquisition approximately maintaining its authority and autonomy. So, the identity problem that CIT faces has grown from its roots, not from its branches. That means no amount of pruning from the top down is going to fix the problem. My advice: Start from the bottom; reintegrate the entire company as one entity with whatever unified identity suits it.

    Top-down management won't permeate enough layers of the organization to make a difference. Follow each reporting line all the way the bottom and justify the existence of each reporting structure. Does CIT really need an average of two direct reports per manager? Does CIT really need 11-12 layers of management from the CEO to the bottom-most direct reports? These are the questions that need answers to solve the problems endemic to CIT.

    Lastly, don't forget to be kind to all employees and incentivize them properly. The job market is better than it's been in a long time, and churn will continue if people don't feel valued or fairly treated. Demanding long hours and work over the weekends and holidays without any quid pro quo is not the way to accomplish this.


  10. Helpful (2)

    "Needs change"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT, Vice President in Livingston, NJ
    Current Employee - IT, Vice President in Livingston, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at CIT (More than 3 years)

    Pros

    Good benefits, friendly people to work with.

    Cons

    Too many layers in management. No focus, silo organization for our size.

    Advice to Management

    Cut the layers and assign accountability.


  11. Helpful (4)

    ""Behind the Curve""

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Account Services in Jacksonville, FL
    Current Employee - Account Services in Jacksonville, FL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    It is exciting to be a part of such a overall large company and most co-workers are a real pleasure to work with. The normal business hours are great 8:30 - 5:30 pm and there is a little flexibility in schedule for parents with school children. The location has an onsite cafe which can be nice and parking is plentiful.

    Cons

    This is what a 100 years of existence gets???
    So sad to see the structure of the departments or "lack of". The systems and outdated programs we use is EMBARRASSING. The company is constantly chasing the curve, for a company to be in existence for over a 100 years and run like it does is also EMBARRASSING. A lot of employees who have been there a long time, don't want to be there and let everyone else know that. A lot of the employees who have been there for 5 or more years are lacking basic computer and software skills. When I was hired, I had 3 days of sitting with someone watching them do their job and then thrown into the position. I had no training on the actual systems that the company uses, that can only be learned there not at home. There is almost no room for growth or promotion. Even if you excel in a position unless you run with the "FAVORITES" you will never get promoted. The lack of staffing in some departments creates low morale and at times we cannot even get personal days, vacation requests approved due to lack of staffing. The work load during low staffing is ridiculous and then overtime is offered when volume is at an extreme but everyone is so dead tired from months and months of low staffing that no one wants to do overtime but we are still expected to perform as if we were fully staffed??? The company is striving to gain market share and from my prospective, I do not see how that will ever happen unless someone just hands it over to them. They are not equipped for growth, not within staffing or systems. They are so behind the curve electronically with invoicing and customer point of service that it makes me cringe when talking to customers who want to make payments online or by credit card and cannot.

    Advice to Management

    Top level management needs to wake up!! The systems have to improve and not 3 years from now...NOW. Take care of your employees; office supplies, renovate the bathrooms, streamline work procedures (call quality assurance, system notating quality assurance, procedure quality assurance, work hour quality assurance, compliance quality assurance, sales volume, phone call volume, email volume and the lists goes on and on....We don't have time to provide excellent customer experience because we are too focused on quality this and quality that. Just promote those who are doing and excellent job and fire those who are not (old school method works).
    It is time for management to listen to the employees - fix what does not work, replace what is outdated, provide a good, clean work environment including air conditioning that works, plumbing that does not disgust the employees, new desks and chairs, office supplies, proper in depth training, and stop the compliance madness. GET RID OF SERVICE NOW or rename it SERVICE IN THE NEXT CENTURY. The employees can tell you what systems we need and what the customers want, just ask us. Asking for this IT expert and that operations expert....WE USE THE SYSTEMS EVERYDAY AND TALK TO YOUR CUSTOMERS EVERY DAY....why not listen to us???



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