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John Daly

2023 Inductee, CIT Trade Services

John started his career in 1973 in the credit department of Manufacturers Hanover Commercial Corporation, which ultimately became CIT (so 39+ years at “one” employer). He was named President of CIT Trade Finance (“CMS”) in 1999, where he grew to become a complete leader, balancing growth / profit initiatives while carefully rendering credit decisions. Prior to that, he was its Chief Credit Officer from 1996-1999 and before that held a variety of roles with increasing levels responsibility such as managing all regional offices outside of NYC and leading / managing the merger of Barclay’s Factoring business in 1995. Prior to becoming President, John reported to Larry Marsiello and the economic events of the late 1980’s / early 90’s helped shape John’s future strategies. Among other things, the 1990s had tremendous upheaval in the retail industry (bankruptcies, consolidations, et al.) which created dislocation in the vendor base and CMS needed to gain size and scale to remain relevant as a credit provider to both larger retailers as well as a source of loans to vendors transitioning into a new business model.

John helmed CIT Trade Services as its President for 13 years until his retirement in 2012. Those 13 years were consequential from a Factoring industry perspective, including in 1999 when CIT acquired both Heller’s Factoring business ($7bn of annual factoring volume per Women’s Wear Daily) and Congress Talcott’s Factoring business. In the next round of major consolidation in 2003-2005, John again led the acquisition and consolidation of the Factoring businesses of GE (2003), HSBC (2004) and SunTrust (2005). While acquisitions played a growth role, he was driving massive organic growth as well. This growth allowed for the investment in technology and John pushed its use before it was fashionable. 

Upcoming Professional Development Courses 

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  • Underwriting Level Two
  • Portfolio Management Level One
  • On Demand classes: Appraisals, Factoring, Legal, Workout & Bankruptcy
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