CIT's Culture

New York’s Resilience

CIT’s Culture

An Interview with Ellen R. Alemany, Chairwoman and Chief Executive Ofﬁ cer, CIT Group

EDITORS’ NOTE Ellen Alemany is COMPANY BRIEF CIT (cit.com) is a period. Their care, support, empathy and service also the Chairwoman, CEO and leading national bank focused on has been a beacon in a storm, and they deserve President of CIT Bank, the com- empowering businesses and personal our ongoing gratitude. pany’s bank subsidiary. She was savers with the fi nancial agility to nav- CIT is a purpose-driven fi rm with a long named CEO in April 2016, became igate their goals. CIT Group Inc. is a history of supporting its employees, clients and Chairwoman in May 2016, and is fi nancial holding company with over communities. How has CIT adapted its business leading CIT’s evolution as a lead- a century of experience and operates a and the way it works during this unprecedented ing national bank serving the mid- principal bank subsidiary, CIT Bank, time in order to continue to effectively support dle market and small businesses. N.A. (Member FDIC, Equal Housing its employees, clients and communities? Alemany is the former head of the Lender). The company’s commer- Our agility was put to the test in the early Royal Bank of Scotland (RBS) cial banking segment includes days of the pandemic, and I’m pleased to say Americas, the management struc- commercial financing, community that the CIT team was able to quickly pivot to ture that oversees RBS’ businesses Ellen R. Alemany association banking, middle mar- a largely remote working model, while main- in the Americas. She also served ket banking, equipment and ven- taining seamless continuity in our business. Our as Chair and CEO for RBS Citizens Financial dor fi nancing, factoring, railcar financing, retail branches have remained open and with Group, Inc. Prior to RBS, she served as CEO treasury and payments services, and capi- enhanced safety protocols for customers and for Global Transaction Services at Citigroup. tal markets and asset management. CIT’s con- our employees. Our teams quickly adapted to Alemany held a number of senior positions during sumer banking segment includes a national adjust to customer needs, whether it was relief her tenure at Citigroup, including Executive Vice direct bank and regional branch network. programs, guidance in navigating the economic President for Commercial Business and President environment or helping businesses with fi nanc- and CEO of CitiCapital. She also held a num- The world is fi ghting a public health crisis that ing to produce PPE. ber of executive positions in Citigroup’s Global is impacting all countries and their citizens. The In addition, our commitment to the commu- Corporate Bank, including customer group exec- pandemic is being fought on the front lines by nity was fortifi ed with $1 million in contributions to utive of North American markets, global indus- healthcare workers, fi rst responders, those support COVID response efforts. try head of Media and Communications, U.S. providing supplies and meals, transportation How have CIT’s employees changed the industry head of Consumer Products, and cus- workers and all other essential workers. What way they work in order to be effective with tomer group executive for the Global Relationship do you say to these true leaders and heroes that the changes that have been necessary for all Bank in Europe, based in London. Alemany are risking their lives to protect others? businesses to make and how proud are you to received her MBA in finance from Fordham I would start by saying thank you and let- see the resilience of your team? University. She serves on the boards of Fidelity ting them know that their courage and com- Resilience is at the core of CIT’s culture, and National Information Services, Inc., The Center passion has been vital to so many. We simply I’m so proud of how our team continues to adapt for Discovery and the Partnership for New York could not get through this period without our and rise to the challenges before us. In March, we City. She also serves on the Board of Advisors for front line workers. Heroes reveal themselves in had to quickly shift to a remote work model. As the Mayor’s Fund to Advance New York City and times of crisis and it has been so inspiring to see a result of the efforts we had put in around the Board of Trustees for The Conference Board. so many heroes among us through this diffi cult a digital transformation of the business, we were

“We need to have the public and private sectors working together to continue to adapt New York for the future to ensure our communities are vibrant, the solutions are innovative and that all people feel safe and have an opportunity to thrive.”

126 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2020 LEADERS MAGAZINE, LLC VOLUME 43, NUMBER 4 “Companies must be able to adapt quickly to changing circumstances to keep their operations running, their customers serviced and their employees safe.”

able to have more than 90 percent of the organiza- Part of what makes New York City so Will you discuss CIT’s commitment to tion shift to remote work without missing a step. vibrant is its diversity, its energy and its pos- building a diverse and inclusive workforce? Engagement and productivity have remained high. sibility. This coronavirus struck at the heart of Having diverse perspectives around We have developed more frequent communication how we live, interact and move about our day. the table is vital in getting to the best out- and meeting routines. But New York is the ultimate example of resil- comes. It is simply the right way to lead, but We have also brought a series of tools and ience and that is what we need to build on more specifi cally, companies have very diverse resources to bear to support employees, such as going forward. groups of stakeholders and in order to make mental health and wellbeing programs, as well as We need to have the public and private the best decisions for those stakeholders we tech tools and learning modules. sectors working together to continue to adapt need to make sure we understand different There is a great deal of discussion about New York for the future to ensure our com- perspectives. It starts with ensuring that sup- businesses reopening in a “new normal.” munities are vibrant, the solutions are innova- port for diversity and inclusion is part of a What is your outlook for what this new nor- tive and that all people feel safe and have an company’s culture and a foundational part of mal may look like and how is CIT preparing opportunity to thrive. our code of conduct. for the next stage in this crisis? You are involved with the Partnership for In addition, we have a very active diver- What this pandemic has reinforced is that New York City. What has made the Partnership sity and inclusion program called “Be You,” agility is a vital part of a winning business model. so effective and what role can the Partnership which encourages employees to bring their Companies must be able to adapt quickly to play in New York City’s recovery? best selves to work and allows them to engage changing circumstances to keep their opera- The Partnership for New York City has in a variety of programs that advance our cul- tions running, their customers serviced and their been instrumental in bringing the business ture of inclusion. employees safe. A strong culture plays an impor- community together around critical issues During this diffi cult and uncertain time, tant part to fostering agility, as well as having the facing our city. Kathy Wylde is a power- what are you telling your people and what right tools and digital infrastructure to enable the house and she connects business leaders to would you say to young people across the pivot of work styles when needed. the important and actionable information country who are deeply concerned and uncer- Going forward, I think customers will con- needed that is critical to New York City’s tain about the future? tinue to expect more innovation in how they recovery. Life is about resilience, and resilience comes can transact with a company, and employees The Partnership was one of the early from being able to recover, adapt and move for- will look for more fl exibility in work styles. voices that demonstrated how COVID-19 ward stronger. This year has presented an ultimate Companies who are preparing for these trends was affecting segments of our population test of those skills, but it is also demonstrating that longer term will have an advantage. differently, namely communities of color. there is great power in coming together around a CIT is headquartered in New York City The Partnership was also able to organize common goal. When we listen to each other and which has been heavily impacted by the pan- a broad group of its member companies to work together to make things better, there is tre- demic. What are the keys to New York City’s take a stand in support of social and eco- mendous potential for the future. Young people are recovery and how critical is it for there to be a nomic justice. Their work in bringing the helping to defi ne an inclusive future for all, and I strong public/private partnership to ensure a business community together is a vital part would encourage them to stay engaged and unlock safe and effective reopening of New York City? of progress in New York City. their greatest potential.•

“Life is about resilience, and resilience comes from being able to recover, adapt and move forward stronger.”