This excerpt taken from the CIT DEF 14A filed Apr 4, 2007.
In 2006, we analyzed the compensation program we offer to our Named Executive Officers against the compensation to executive officers offered within our peer group. Our peer group for this purpose consists of 25 publicly-traded financial services companies(1) that have the same middle-market global finance perspective as our Company. This list of companies selected for purposes of benchmarking compensation programs differs from those presented for comparison in the stock performance graph that appears above. The companies included in the compensation peer group generally represent diversified financial services companies that operate across the market sectors targeted by and with assets, revenues, net income, and/or market value similar to that of CIT. The majority (23 out of 25) of these companies overlap with the companies that are included in the S&P Financial Index shown in the performance graph, and also include companies that CIT has recruited from at the executive level. Specifically, the companies within our compensation peer group meet the following criteria:
Additionally, we used published surveys from established compensation data providers to produce position-specific comparisons for our executive officers.