CIT1Q 2008Transcript FINAL

CIT Group reported earnings for the first quarter of 2008. The commercial finance divisions performed well with a combined return on equity of 12%, however losses from the home lending and student loan portfolios contributed to an overall loss for the company. CIT outlined plans to reduce assets by $5-7 billion through sales, cut the dividend, explore strategic options for the rail division, and pursue additional liquidity and capital. Management remains focused on the core commercial finance businesses and serving customers during this challenging time.