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.
The Portfolio Manager (PM) is responsible for managing the accounts assigned to him/her. The PM monitors the accounts on a monthly/quarterly basis, and is required to (i) ensure that the account is appropriately risk-graded, verify or validate if the company is in compliance with the terms of CIT’s contract, (ii) recognize and elevate any new material information about the customer that may or will affect its ability to honor its financial obligations, (iii) determine if new financial information has been released, and evaluate the trends, (iv) understand the terms, conditions, and collateral for the transaction that was booked, and have a working knowledge of the underlying documentation, (v) build/maintain an ongoing relationship with the customer/agent as applicable, and respond to requests for information, buy-outs, additional business, collateral releases, contract waivers, amendments, change of control requests etc., and (vi) support the needs of the business by updating or preparing reports and other performance analysis as deemed appropriate.
Principle Duties and Responsibilities
• Obtain monthly, quarterly and annual financial statements from customers or from SEC filings
• Spread financial statements in Risk Origin in accordance with CEF policy and maintain up-to-date risk grades (PD and regulatory risk classification)
• Prepare and present trend cards for portfolio reviews with CEF CCO, Credit Review and PLM
• Coordinate periodic collateral evaluations with Asset Management and maintain up-to-date LGDs based upon information received
• Complete annual reviews on a timely basis, and in accordance with CEF procedures, and prepare PLM forms in compliance with CIT policy
• Develop a good understanding of customers business, industry knowledge, and maintain a suitable working relationship with customer/agent. Respond promptly to customer/agent requests for information or other needs, including buy-outs, additional business (including cross sell opportunities), collateral releases, amendments, etc.
• Work with customer/agents, as applicable, to request and obtain information required by CIT to manage the accounts
• Ensure that the proper documents are uploaded to the customer credit file at closing and that the credit file is maintained on an ongoing basis
• Report monthly/quarterly status of accounts, with corresponding trend cards update-Respond to requests from CIT Risk Management, Compliance, PLM, Credit Review, and any other corporate support group, for information, reporting, or other data requests
• Work with legal counsel to review and approve any amendment or waiver documentation, any changes in the terms of the transactions/relationships and assure that receivable system has been properly updated to reflect the most current information
• Underwrite additional business requests for existing customers within RCAs / Approval Memos and work with legal counsel and the originator through closing to ensure appropriate documentation
• Monitor customer performance for upgrade and/or downgrade triggers, and react accordingly, including submission of Upgrade Memorandum as appropriate.
• Ensure receivable system and other CIT data bases are updated with accurate information and ratings
• Assist in responding to requests for information, explanation, or documentation from internal or external auditors
Education & Experience:
• Undergraduate business degree/ MBA preferred
• Strong background in Financial Services industry
• Strong credit analytical skills
• Robust understanding of leasing and loan documentation
• Solid analytical, verbal and written communication skills
• Previous credit, risk or portfolio management experience needed
• Ability to work in a fast paced, team oriented environment
• Proficiency in MS Office products