Ellen Alemany

After facing a landmark sexual harassment lawsuit in the mid-1990s, the banking industry has improved its codes of conduct and training on sexual harassment issues, CIT Chief Executive Ellen Alemany said during a panel discussion Wednesday morning.

The results included a $222 million goodwill impairment charge and other one-time items.

The New York company named two new members to its executive committee as it splits oversight of business capital and consumer banking into separate jobs.

Net income at the Livingston, N.J., company climbed 67% due to a variety of one-time items tied to its ongoing restructuring.

The sale of the struggling Financial Freedom unit to an undisclosed buyer would continue CIT's strategy of shedding noncore business lines.

American Banker's No. 3 Most Powerful Woman in Banking is embracing a major challenge in molding a commercial finance company with a spotty history into a profitable, middle-market bank.

Long before she set out to reshape CIT Group, Ellen Alemany accepted her first job as a bank CEO — on the eve of the mortgage meltdown. A big lesson that has stuck with her since then is the importance of communicating clearly and constantly with employees.

A series of balance sheet moves and a focus on deposit gathering and business lending led to a $157 million profit in the second quarter.

The results handily beat estimates as the company benefited from CEO Ellen Alemany’s ongoing effort to shed businesses and simplify operations.