CIT Group

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The company says it's responding to the feedback of consumers who want online options beyond savings products.

CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.

Ellen Alemany said that CIT's deal for Mutual of Omaha Bank will immediately lower the bank's deposit funding by 20 basis points. She also reiterated that the acquisition would make CIT more attractive to potential buyers.

Three years into the turnaround plan at CIT Group, Ellen Alemany continues to remake the commercial finance company she inherited into more of a traditional bank. The purchase of Mutual of Omaha Bank is another step toward that goal.

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.

The resignation of Wells Fargo CEO Tim Sloan represented more troubles for an already scandal-ridden financial institution.

James Hubbard will replace Stuart Alderoty, who left CIT earlier this year to join the fintech Ripple.

Earnings fell well short of analysts' estimates due in part to a 28% increase in interest expenses.

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Several banks are seeing significant changes in leadership as the year comes to a close.

It’s still primarily a commercial bank, but the branding campaign — CIT’s first in a dozen years — is designed to appeal to the group driving its torrid deposit growth: retail savers.

Robert Rubino will join the New York company in February as president of CIT Bank and head of commercial banking.

CIT Bank and Simple recently started offering higher yields on the condition that customers make regular contributions to savings. The offers are designed to help the banks avoid rate wars, but some analysts question whether they will appeal to enough consumers.

The Committee for Economic Development will honor KeyCorp's Beth Mooney and CIT's Ellen Alemany for fostering diversity at their companies.

Over the past two and a half years, Ellen Alemany has made several big changes at CIT Group, selling off international business lines and turning the focus to traditional middle-market lending.

An increase deposit costs, higher reserves and ongoing restructuring issues weighed on the second-quarter results at the New York company.

The New York company on Friday promoted Wahida Plummer, who was previously in charge of regulatory matters, to chief risk officer and expanded the role of its chief credit officer.

CIT took a $22 million hit on a business loan, and overall loan growth was tepid.

Comptroller of the Currency Joseph Otting will bow out of certain regulatory matters involving CIT and U.S. Bank, where he held leadership roles, and three others.