Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.
General Job Summary:
Commercial Services is one of the nation's leading providers of factoring and financing to consumer product companies. We tailor financial solutions that help companies of all sizes increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses. Commercial Services specialize in serving consumer product companies with $2 million or more in annual sales.
Our products include:
• Asset Based Loans
• Bulk Sale of Accounts Receivable
• Receivable Exposure Management (REM)
• Supply Chain Finance
Reporting to the Senior Vice President - Northeast Regional General Manager, the Vice President Business Development Officer's primary responsibility is to increase new business by identifying, sourcing, and closing viable prospects for Factoring and Asset-Based Lending deals across a variety of industries, with an emphasis on core industries within an assigned geographic territory. The individual is responsible for independently developing and implementing the sales strategy, identifying appropriate referral sources and prospective clients. This position is based in New York.
Principle Duties and Responsibilities:
• Research and identify new and viable direct prospect opportunities. Originate transactions through direct calling on companies
• Identify and nurture intermediary relationships (CPA's, attorneys, bankers, turnaround professionals, investment banks, private equity funds and other appropriate intermediaries)
• Develop and conduct prospect meetings and ultimately issue deal proposals by applying an understanding of the prospect's industry and unique financial needs
• Partner with the underwriting team to tailor solutions to meet the prospect's unique needs while effectively managing CIT's risk exposure; manage prospect expectations throughout the deal process ensuring a successful close
• Identifying opportunities to cross-sell products/services as appropriate
• Identify and attend relevant and appropriate industry and regional events and trade shows for networking and new business opportunities as appropriate
• At least 25% business travel required to cover assigned geographic region
• Manage sales activities in SalesForce.com
Education & Experience:
• Bachelor's degree in Business, Economics, Finance or related field required; MBA desired;
• Minimum 5-10 years' experience in Business Banking / Commercial Lending; factoring preferred.
• Ability to source leads and convert prospects to clients
• Demonstrated presentation sales, negotiation and influencing skills
• Demonstrated success working collaboratively to achieve team goals
• A general knowledge of lending deal structuring
• Proficient computer skills, including the ability to develop and maintain a contact database and maintain records in SalesForce.com
• Knowledge of/or experience in consumer product industries like Apparel, Textile, Consumer Electronics, Housewares, Toys, Sporting Goods, or Hardware industries a plus
Series 7 General Securities Representative License (Stockbroker)
Financial Industry Regulatory Authorities