CIT Group (CIT) appointed Raymond Quinlan as executive vice president of Banking, effective immediately. He reports directly to John Thain, chairman and chief executive officer of the company. Quinlan spent the past three decades as a representative of Citigroup (C) where he served in multiple positions in business management, finance, credit management and mergers and acquisitions. He most recently served as chairman and CEO of Retail Distribution North America, which includes all of Citigroup's bank branches. "Ray's broad banking and financial services experience will play an important role as we work with our banking regulators to build a leading bank to small businesses and middle market companies," said chairman Thain. CIT Group is a bank holding company, which currently holds more than $45 billion in finance and leasing assets. The firm also offers lending, advisory and leasing services to small and middle market businesses. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.