CIT 1Q 2008 TranscriptFINAL

CIT Group reported their first quarter 2008 earnings. The CEO discussed strategic actions taken to improve liquidity including reducing staff by over 500 employees, selling over $5.5 billion in assets, cutting the dividend by 60%, exploring strategic alternatives for the rail business, and continuing discussions to secure additional liquidity and capital. While the commercial finance franchises performed respectably, provisions were taken for the home lending and student lending portfolios due to housing market declines. The CEO believes strategic actions taken will enhance shareholder value and position the company for the future.