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CORRECT: CIT Swings To 2Q Loss Amid Steep Debt-Related Costs

("CIT Swings to 2Q Loss Amid Steep Debt-Related Costs," at 7:16 a.m. EDT, incorrectly stated that CIT hopes to move its vendor finance business platform to CIT Bank later this year. A correct version follows:) DOW JONES NEWSWIRES CIT Group Inc.'s (CIT) swung to a second-quarter loss as the lender to small and mid-sized businesses struggled under heavy debt-related costs and a declining asset base. "While our recent efforts to advance our liability restructuring initiatives further reduce our cost of capital and position CIT for long-term success and profitability, they negatively impacted our second-quarter results," said CIT Chief Executive John Thain. This month, CIT transferred its vendor finance platform into CIT Bank, a move that will allow CIT to use its bank's deposits to fund vendor loans and help it reverse shrinkage of its asset base. On Tuesday, CIT said total assets were $48.01 billion as of June 30, down from $55.45 billion a year earlier and $50.68 billion in the prior quarter. CIT, which emerged from bankruptcy protection in December 2009 after struggles during the credit crisis, has recently seen its name floated as a potential acquisition target. In May, one of CIT's largest shareholders cited Wells Fargo & Co. (WFC) as just one of a handful of cash-flush banks that could show interest in the company. CIT reported a loss of $48 million, or 24 cents a share, down from a year-earlier profit of $181.6 million, or 91 cents a share, a year earlier. The current period includes $163 million in debt-related costs, among other items. Analysts polled by Thomson Reuters most recently forecast a per-share loss of 32 cents. Total interest income slid 41% to $602.1 million. So-called "other" income fell 13% from the previous year to $657.8 million. Credit-loss provisions fell to $85 million, down from $247 million a year earlier and $123 million a quarter earlier. Shares of CIT closed Monday at $39.65 and were inactive in recent premarket trade. As of the close, the stock has fallen 16% in the past year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Cit Group (CIT)
DateTimeHeadline
04/15/201508:30:00Middle Market Healthcare Executives Optimistic for 2015
04/13/201508:30:00Now Streaming: Entertainment Media Consumption
04/02/201516:17:14Proxy Statement (definitive) (def 14a)
04/02/201508:48:48CIT Group bullish on its aircraft leasing business
04/02/201508:30:00CIT to Announce First Quarter 2015 Financial Results on Tuesday...
04/02/201508:00:00CIT Orders Five Additional A321ceo Aircraft
03/24/201508:30:00CIT Appoints Eric Miller Group Head of CIT Capital Equipment...
03/23/201508:30:00Private Equity Gearing up for Exits
03/11/201508:02:00Compass Datacenters Adds $25 Million To Its Credit Facility To...
03/10/201522:50:10Jet Buyers Want Boeing, Airbus to Focus on Current Planes
03/09/201508:30:00CIT Provides $44.8 Million Financing to Joint Venture between...
03/02/201508:30:00CIT Serves as Sole Lead Arranger in $210 Million Acquisition...
02/26/201520:07:03J.P. Morgan Emerges as CEO Breeding Ground
02/26/201518:48:36Thain Says CIT's Acquisition Wouldn't Make the Bank Too Big to...
02/23/201517:33:42Statement of Changes in Beneficial Ownership (4)
02/23/201507:47:27Statement of Changes in Beneficial Ownership (4)
02/23/201507:46:46Statement of Changes in Beneficial Ownership (4)
02/23/201507:46:07Statement of Changes in Beneficial Ownership (4)
02/23/201507:44:39Statement of Changes in Beneficial Ownership (4)
02/23/201507:43:19Statement of Changes in Beneficial Ownership (4)

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