Aug 7, 2015
CIT Group Buys OneWest Bank
CIT Group Buys OneWest Bank
CIT Group has completed its purchase of OneWest Bank for $3.4 billion. The combined company will now be categorized as “systemically important,” which means its financial holdings are so large, its collapse could cause a financial crisis. However, according to CIT Group’s Chief Executive Officer John Thain, this consolidation will make the bank stronger and will encourage other smaller banks with…
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