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CIT to submit survival plans
CIT Group, the ailing US lender, has promised to present a plan of action, showing how it will get out of a liquidity crisis, to its regulator within 15 days.
Shares of the firm climbed as much as 19 per cent after the statement, which fuelled hopes the lender can avoid bankruptcy.
CIT agreed to submit a plan to the Federal Reserve Bank of New York, outlining how it will maintain sufficient capital both at its Utah-based bank and the bank holding company. It will also provide a plan to improve management of its liquidity position.