CIT Appoints Lisa K. Polsky Chief Risk Officer

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced the appointment of Lisa K. Polsky (53) as Chief Risk Officer effective May 17, 2010. She will report directly to Chairman and Chief Executive Officer John A. Thain.

Mr. Thain said, “Lisa’s appointment is a significant step forward in our efforts to develop a best-in-class risk management framework that will further enhance our ability to aggregate and analyze risk throughout the organization. I look forward to working closely with Lisa as we strengthen CIT’s risk practice.”

Polsky will be responsible for developing and implementing an enterprise-wide risk management strategy and framework. This risk framework will be used to quantify and monitor various types of risk exposures across CIT, identify emerging risk factors, monitor portfolio concentrations and evaluate future business transactions.

Polsky most recently has been at Jane Street Capital, a quantitative proprietary trading firm. She joined Jane Street from Duff Capital Advisors, where she was a Partner and Head of Risk & Investment Solutions. Prior to joining Duff, she spent six years consulting, specializing in portfolio solutions, risk management and valuation policy. Before founding her consulting firm, Polsky served as Managing Director and Head of Client Financing Services with Merrill Lynch & Co., Inc. and prior to that as Managing Director, Chief Risk Officer, and Head of Risk Policy at Morgan Stanley. Polsky also served as Head of the Hedge Fund Business and Head of Derivatives in the US and Europe at Bankers Trust Company. She began her career at Citibank NA, where she started the FX Options business and later Co-Headed Citibank’s Derivative Business in North America.

Polsky also serves on the Board of Piper Jaffray.

About CIT

Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank holding company with approximately $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com