CIT Group said on Thursday it lost $438.1 million, or $1.30 a share, in the first quarter, compared with $240.7 million, or $1.36 a share, a year ago.

“Our results this quarter reflect the ongoing stress in the economy,” Jeffrey Peek, chairman and chief executive at CIT, said in a press release.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.