CIT Group Inc. (CIT) CEO Ellen Alemany on Q2 2020 Results - Earnings Call Transcript

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CIT Group Inc. (CIT) Q2 2020 Earnings Conference Call July 21, 2020 8:00 AM ET

Company Participants

Barbara Callahan - Head of Investor Relations

Ellen Alemany - Chief Executive Officer

John Fawcett - Chief Financial Officer

Marisa Harney - Chief Credit Officer

Conference Call Participants

Moshe Orenbuch - Credit Suisse

Arren Cyganovich - Citigroup Inc.

Vincent Caintic - Stephens Inc.

Operator

Good morning and welcome to CIT’s Second Quarter 2020 Earnings Conference Call. My name is Rocco and I will be your operator today. At this time, all participants are in a listen-only mode. There will be a question-and-answer session later in the call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Barbara Callahan, Head of Investor Relations. Please proceed, ma’am.

Barbara Callahan

Thank you, Rocco. Good morning and welcome to CIT’s second quarter 2020 earnings conference call. Our call today will be hosted by Ellen Alemany, Chairwoman and CEO; and John Fawcett, our CFO. Also joining us for the Q&A discussion is our Chief Credit Officer, Marisa Harney.

During this call, we’ll be referencing a presentation that is available on the Investor Relations section of our website at cit.com. Our forward-looking statements disclosure and non-GAAP reconciliations are included in today’s earnings materials and within our SEC filings. These cover our presentation materials, prepared comments and the questions-and-answers segment of today’s call.

With that, I’ll now turn it over to Ellen Alemany.

Ellen Alemany

Thanks, Barbara. Good morning, everyone, and thanks for joining the call. The COVID-19 pandemic has continued to affect the broader economy. And that has carried over to our financial results in the second quarter, although to a lesser degree than we experienced in the first quarter. As a result, we posted a net loss this period of $98 million or $0.99 per diluted common share.

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