CIT Group Inc. (NYSE: CIT) stated that it may be forced to file for bankruptcy and is currently considering an offer of financing from Citigroup Inc. (NYSE: C) and Barclays Capital. Bondholders are also seeking to provide about $2 billion in loans as a restructuring deadline approaches tomorrow. About $9.14 billion of CIT loans and bonds mature next year, including $1.15 billion of debt securities by the end of 2009. The restructuring plan for CIT, which carried a net loss of $1.62 billion in the second quarter, may include selling business lines or assets, debt for equity swaps and offers to extend debt maturities, CIT revealed in an August filing. -Bloomberg

Gold rallied above $1,000 an ounce on today, as U.S. dollar weakness helped the metal stay on track for its best quarterly performance in nearly two years. Spot gold stood at $1,002.40 per troy ounce, compared with $990.70 quoted late in New York on yesterday, as the greenback fell against a basket of major currencies. -Reuters

U.S. private employers cut a larger than expected 254,000 jobs in the month of September.  Although this was less than a revised 277,000 jobs lost in the previous month. The August decline was originally reported at 298,000, with the average estimate between 27 economists surveyed by Reuters was for 210,000 private sector jobs lost in September. -AOL Money & Finance

Chevron Corp. (NYSE: CVX) reported today that its board has elected John Watson to serve as chairman and chief executive officer effective at year end, succeeding David O’Reilly, 62, who is retiring. Watson, 52, currently serves as vice chairman and will be replaced by George Kirkland, 59, who will retain oversight of the company’s global exploration and production activities for crude oil and natural gas. -Marketwatch

Asian manufacturing activity progressed this month, providing additional evidence of a global economic recovery, while financial market developments in Europe kept focus on the moment when central banks will end ultra-low interest rates. Japanese manufacturing expanded at its fastest rate in three years, while factories in China lifted production for the sixth month in a row. The study suggested that a fiscal stimulus program worth 4 trillion yuan, or $585 billion USD, continued to support the domestic economy, while global demand for Eastern goods slowly recovered. In other news, Chinese manufacturers hired workers at the fastest pace in 25 months. –Reuters

Bank of America Corp. (NYSE: BAC) agreed to sell the stock and bond mutual fund business of its Columbia Management unit to Ameriprise Financial Inc. for nearly $1.2 billion. When the transaction closes this spring, Ameriprise’s asset-management business will control nearly $400 billion in global assets under management and become the eighth largest U.S. manager of long-term mutual funds. –The Wall Street Journal

by Jutia Group