Lawrence A. Marsiello

2021 Inductee, The CIT Group

Beginning at Manufacturers Hanover in 1974, the first 10 years were dedicated to a ground-up learning of the ABL business. In 1984 upon the acquisition by Manufacturers Hanover (MH) of CIT, Marsiello assumed his first managerial role of the combined MH - CIT ABL units. In 1991 he was appointed president of CIT’s factoring business (then largest in the US). In 1999 Marsiello become group CEO Commercial Finance with overall responsibility for ABL, cash flow lending as well as factoring. In 2003, he was elevated to CIT’s vice chairman and chief lending officer. In 2008, after 34 years, he retired. In late 2008 Marsiello was inducted into the Turnaround Management Association’s Hall of Fame for Restructuring and Distressed Investing. From 2009 -2018 he served as managing director of Pine Brook Partners, a $6 billion private equity firm focusing upon growth equity investments in consumer and commercial finance companies. Often times, in considering potential equity investments in commercial finance, many personal Secured Finance Network (SFNet) contacts provided valuable insights and perspectives essential to an effective diligence effort.

Cherishing a work-life balance, Marsiello currently serves on the board of Kapitus, a small business lender, as well as providing consulting services to credit funds, as well as commercial and consumer finance companies. Otherwise you will find him and Karen, his wife of 47 years, traveling interrupted by fly fishing and golfing  in the warner months while in the winter skiing Vermont mountains.

How did you get your start in the industry?

I was lucky to be recruited by Frank Basile into Manufacturers Hanover’s fledgling accounts receivable Finance Department. Thereafter, moving from line to managerial roles, I was mentored by Joe  Pollicino, Sr., CIT’s vice chairman. Frank and Joe both shared a strong ethical compass and were plain speaking, often doing what was right, not necessarily popular nor easy. Throughout my career I have striven to emulate these early learnings. \

What role did SFNet play in your career development?

As an industry newbie, I routinely attended after-working-hours SFNet New York Chapter Seminars, discussing on a no-names basis case studies ranging from leveraged buyouts to loan workouts. These seminars piqued my interest and stirred my passion for the entrepreneurial and innovation attributes characteristic of our industry. Through attending SFNet conventions and participating on various committees, I formed lifelong personal relationships, not only with contemporaries but just as important with many industry leaders (SFNet Hall of Fame members) as well as young up-and-coming individuals.

What advice would you offer someone just starting out?

• Adopt a lifelong learner mindset. Diversity of functional skills and expertise is a never-ending quest.
• Sharpen analytical skills, parsing the relevant and critical from the less important.
• Have the courage to respectfully express and defend independently formulated opinions, while remaining open minded to the opinions of other team members.
• Form 360-degree personal relationships within the industry, helping you navigate your career journey. 
• Grow comfortable with informed measured risk-taking. Overcome one’s fear of failure. 
• Volunteer for challenging assignments and problematic situations. You will mature into a problem-solver. 
• Think in terms of the client or new business prospect. Understand the business nuances and people as well as the financials and collateral.