CIT Discloses Material Weakness at Unit, Delays Annual Report

  • Control deficiency relates to acquisition of OneWest Bank
  • CIT plans to file annual report on or before March 15

CIT Group Inc., the commercial lender run by John Thain, found a material weakness in the accounting of a mortgage business, causing the company to delay the filing of its annual report to the Securities and Exchange Commission.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.