NEW YORK, March 13, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that it has named Sarah L. F. McAvoy to the Corporate Treasurer position, effective March 19. In this role, McAvoy has responsibility for all aspects of treasury, including capital and liquidity management, balance sheet management, interest rate risk management and oversight of the investment portfolio. She will report to CIT Chief Financial Officer John Fawcett.
"Sarah brings extensive treasury, banking and capital markets experience to CIT as we continue to implement our plan to optimize capital levels, better manage overall funding costs and improve profitability," said Fawcett. "We continue to build momentum and make progress on our strategic plan, and Sarah will be instrumental in continuing to drive a number of our capital and funding initiatives."
McAvoy had a 24-year career in capital markets and treasury positions at Bank of America prior to joining CIT. Most recently she was the Global Funding Executive in Corporate Treasury, and prior to that she served as the head of domestic funding for the bank. Earlier in her tenure she had various positions in the Corporate Investments Group and the Global Markets division in the equity, fixed income and derivatives areas. She began her career at J.P. Morgan in the Commodity Derivatives Group.
McAvoy succeeds Ken Brause as CIT's Corporate Treasurer.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.
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SOURCE CIT Group Inc.