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"We are actively positioning CIT to maximize value by optimizing our business portfolio and sizing our company to market conditions," Peek continued. Buffett is said to have expressed an interest injecting capital or purchasing a stake in CIT that would have been at or around $22 a share -- a price at which the finance shop was trading around on March 8. CIT, which closed down 2.1% to $9.58 Thursday. It is off more than 60% since the beginning of the year and fell as low as 28% in Thursday trading on the news of its funding woes. CIT has been criticized for having a rather shaky portfolio that consists of student loans and home mortgages that could be facing big writedowns. Already, the firm posted a $123.2 million loss last quarter due to souring mortgages and student loans. The majority of CIT's portfolio, however, is relatively strong but under pressure largely because of the unsettling market environment. Peek, who joined CIT five years ago, has been trying to create a more diversified lending company that would make CIT a stronger entity. In January, CIT said it will cut its workforce this year by 5%, after already reducing staff by about 4.4% last year.
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