CIT Appoints Nelson J. Chai Chief Administrative Officer and Head of Strategy

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced the appointment of Nelson J. Chai (44) as Executive Vice President, Chief Administrative Officer and Head of Strategy, effective June 1, 2010. He will report directly to Chairman and Chief Executive Officer John A. Thain.

Mr. Thain said, “Nelson will play an instrumental role in the development of strategies that optimize CIT’s portfolio of businesses and further build upon our market-leading positions. We remain focused on improving operational efficiencies and infrastructure alignment across the organization. I look forward to working with Nelson on these important initiatives.”

Chai will have responsibility for CIT’s global infrastructure and operating architecture including its technology platforms. He will also lead the Company’s strategic planning, business development and sales activities, as well as the insurance and consumer finance divisions.

Prior to CIT, Chai served as Executive Vice President and Chief Financial Officer of Merrill Lynch & Co., Inc. Before this, he was Executive Vice President and Chief Financial Officer of NYSE Euronext (NYSE: NYX) and its predecessor company NYSE Group, Inc., and was Chief Financial Officer of Archipelago Holdings.

Chai is a board member of the U.S. Fund for UNICEF.

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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