Company says Commercial Finance group will be organized around an industry model, focusing on specific industries such as aerospace, communications, media and entertainment, and retail.Livingston’s CIT Group (NYSE: CIT), a provider of commercial and consumer finance solutions, Monday announced a major reorganization that is designed to improve delivery of the firm’s industry expertise and financial service offerings to its vast base of mid-market clients.
In a press release, CIT said that effective immediately, its Commercial Finance group will be organized around an industry model, focusing on specific industries such as aerospace, communications, media and entertainment, construction, diversified industries, health care, energy and infrastructure, rail and retail. The company also announced the formation of an investment-banking services group.
Rick Wolfert, vice chairman of CIT Commercial Finance, will be responsible for the realignment.
“The shift from a product-centric to a market-centric model is key to our overall corporate strategy, and with it, we will continue enhancing client service, identifying growth opportunities and improving our productivity. These steps underscore CIT’s commitment to build on our heritage as the leader of choice in commercial finance,” CIT’s Chairman and CEO Jeffrey Peek said.
“The Investment Banking Services group will serve as a pivotal resource for Commercial Finance, as our industry teams address the broadening needs of our mid-market clients, particularly those in expanding or underserved markets,” Wolfert added.
At the close of trading, CIT Group shares were down $0.30 at $42.17.