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CIT to submit survival plans

CIT Group, the ailing US lender, has promised to present a plan of action, showing how it will get out of a liquidity crisis, to its regulator within 15 days.<br /><br />Shares of the firm climbed as much as 19 per cent after the statement, which fuelled hopes the lender can avoid bankruptcy.<br /><br />CIT agreed to submit a plan to the Federal Reserve Bank of New York, outlining how it will maintain sufficient capital both at its Utah-based bank and the bank holding company. It will also provide a plan to improve management of its liquidity position.