For the fourth quarter, CIT reported a net loss of $1.2 billion. Loss from continuing operations for the fourth quarter was $424 million. For the full year 2016, net loss was $861 million. Loss from continuing operations for the full year was $196 million.

"The past year was a pivotal time for CIT. We embarked on a new strategic direction for the company, and we continued to make progress on our goals," said Chairwoman and Chief Executive Officer Ellen R. Alemany. "Our recent actions to transform the company and address legacy issues significantly affected our financial results but were necessary measures in our journey to simplify and strengthen the company for the future. The steps we have taken will best position CIT to deliver long-term value for our clients, customers and shareholders."

Alemany continued, "The underlying fundamentals of the company remain solid, including steady performance in our core businesses, stable credit trends and strong capital levels. We also have achieved approximately one-third of our operating expense reduction goal, reached an agreement to sell the Commercial Air business and secured the ability to return up to $3.3 billion of common equity to shareholders."

Read the full CIT earnings release.