CIT Swings to Loss

Commercial lender CIT Group(CIT Quote) swung to a loss in the first quarter and laid out a laundry list of ways to improve its liquidity status.

Before Thursday's bell, CIT reported a net loss of $257.2 million, or $1.35 a share, vs. a profit of $200.6 million, or $1.01 a diluted share, a year-ago. Analysts polled by Thomson Financial had expected a profit of 58 cents a share.

In a move to preserve capital, the company also slashed its dividend to 10 cents a share, down from the previous 25 cents. The company also set aside $270 million in reserves, as it prepares for problems in the home lending and consumer segments. The losing quarter was blamed on the liquidation of the consumer business. ...