Two senior legal executives at CIT Group in Livingston, N.J., are reportedly leaving the company, as it faces a new round of compliance headaches.
Bob Ingato, general counsel at the $67 billion-asset CIT, is expected to leave the bank at the end of the year, according to a report Thursday in The Wall Street Journal. He joined the company in 1999.
Additionally, Fred Springer, head of ethics and compliance, also recently departed CIT for a job at Banco Santander, the Journal reported.
The company has not announced a replacement for either executive. A call to the company Thursday was not returned.
CIT last month reported a plunge in quarterly profits, due to issues stemming from a federal investigation into its reverse mortgage servicing business, known as Freedom Financial. The company inherited the unit from its acquisition of OneWest last year.
CIT said on July 28 that it received a qualitative objection from the Fed over its capital plan.
Ellen Alemany took over as CEO of CIT in April, succeeding Wall Street icon John Thain. Shortly before stepping into her new role, she announced plans to turn the company around.
In an effort to boost shareholder returns, CIT has shed assets and is in the midst of a cost-cutting initiative.