CIT Group has hired a number of former GE Capital employees to help build out its syndicated loan group. Peter Connolly, Roger Burns, Thomas McNicholas, Terence Sullivan, Vincent DeVito, Andrew Giangrave and Patrick Flynn have all joined the team. Calls to a CIT spokeswoman were not returned.
Connolly will be an executive v.p. and head of the syndicated loan group and will be in charge of the group's involvement with distressed debt. He will report to Rick Wolfert, vice chairman, commercial finance. Burns is also an executive v.p. McNicholas, Sullivan, DeVito, Giangrave and Flynn are managing directors, responsible for originating, underwriting and portfolio management.
One individual familiar with situation said that a number of individuals left GE after they bought Antares Capital when a number of positions began to overlap. Connolly worked at GE for 12 years most recently leading the GE Corporate Financial Services Distressed Debt P&L, where he developed GE's European stressed/distressed debt buy program.