CIT Staff Hit Hard by Market Crisis

NEW YORK CITY-CIT Group Inc., like many financial firms, has revealed plans to cut expenses and reduce staffing in certain businesses to reflect current and expected market conditions, according to a company spokesperson. Included in that initiative was a reduction in staff in the company’s commercial real estate financing group.

“We continue to maintain, and are committed to, our commercial real estate advisory business and its related fee-based initiatives and remain focused on supporting our existing client relationships,” the spokesperson explains, noting that this is part of a broader announcement that was make in the company’s earnings report released in mid-January.

A source familiar with the situation tells GlobeSt.com that CIT has only a few people left in the real estate group “temporarily for now.” The source also explains that CIT was hit hard by the subprime losses and the new business development sides were let go, real estate being one of them.