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CIT Names Calif. Consumer Banking President

CIT Group in Livingston, N.J., has promoted Steve Solk to president of consumer banking in California.

The $65 billion-asset business lender said Solk will immediately succeed John Erickson, who will stay on as a strategic adviser until the end of the year. Solk will be based in Pasadena, Calif.

CIT acquired OneWest Bank in August of last year and operates about 70 of the bank's branches throughout California.

Solk will maintain his duties as president of business capital, in charge of the direct capital, capital equipment finance, equipment finance and commercial services businesses. He is also a member of CIT Group's executive management committee.

Previously, Solk was an executive vice president of commercial finance at RBS Citizens Bank, and before that he oversaw retail banking and consumer and commercial lending for Commerce Bank in Harrisburg, Pa.

"The decision to have Steve run our consumer banking group will help to align our businesses, realize efficiencies and further streamline our operations," Ellen Alemany, who became CIT's chief executive in April, said in a press release Wednesday.

In October, CIT hired Boston Consulting Group to help bolster its performance. Also in October, it announced an agreement to sell its aircraft leasing unit for $10 billion.

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