CIT Group (CIT): Q2 EPS of
-$4.30 vs. consensus of -$1.53, the ninth quarterly loss in a row. Loan loss provisions more than tripled Y/Y to $588.5M. Net charge-offs rose to 2.81% from 2.41% the previous quarter.
CIT Group (CIT): Ratio of total capital to risk-weighted assets fell 'slightly below' the 13% required by regulators, which CIT says may cause the Fed or FDIC to take enforcement actions, leading to a "material adverse effect on its business" and possible bankruptcy. (CIT's
10-Q quarterly report (.pdf))
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