SECURITIES AND EXCHANGE COMMISSION


                        Washington, D.C.  20549


                               FORM 8-K


                             CURRENT REPORT


               Pursuant to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)  January 18, 1996
                                                  ------------------


                     The CIT Group Holdings, Inc.
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         (Exact name of registrant as specified in its charter)


   Delaware           1-1861                  13-2994534
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 (State or other     (Commission             (IRS Employer
  jurisdiction of     File Number)             Identification No.)
  incorporation)


                      1211 Avenue of the Americas
                       New York, New York  10036
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Registrant's telephone number, including area code (212) 536-1950
                                                   ---------------



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(Former name or former address, if changed since last report)



<PAGE>






Item 5.  Other Events.
         -------------

         See attached press release.






<PAGE>







                              SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                      THE CIT GROUP HOLDINGS, INC.
                                      ------------------------------
                                             (Registrant)


                                      By /s/ JOSEPH M. LEONE
                                        ----------------------------
                                        Joseph M. Leone
                                        Executive Vice President and
                                        Chief Financial Officer

Dated:  January 18, 1996


<PAGE>



[Logo of The CIT Group, Inc.]
                                        Contact:        Joseph M. Leone
                                                        Chief Financial Officer
                                                        (201)740-5752



FROM: THE CIT GROUP HOLDINGS, INC.
      1211 AVENUE OF THE AMERICAS
      NEW YORK, NY  10036

FOR IMMEDIATE RELEASE
---------------------

          THE CIT GROUP REPORTS RECORD 1995 EARNINGS OF $225.3 MILLION
          ------------------------------------------------------------
                            UP 12.0 PERCENT OVER 1994
                            -------------------------
                    FIFTH CONSECUTIVE YEAR OF RECORD EARNINGS
                    -----------------------------------------

     NEW YORK, NEW YORK,  January 18, 1996 -- The CIT Group Holdings,  Inc., one
of the nation's leading asset-based finance companies, today reported net income
of $225.3 million for the year 1995, an increase of 12.0 percent from the $201.1
million for 1994.  This  represents  the eighth  consecutive  increase in annual
earnings and the fifth  consecutive  year of record  earnings.  The 1995 results
reflect  finance  income from a higher  level of financing  and leasing  assets,
improved  other  income,  and  lower net  credit  losses,  offset  by  increased
borrowing  costs.  Fourth  quarter  earnings were  particularly  strong at $57.5
million,  up 16.1 percent  from the prior year.  Total assets for 1995 reached a
record $17.42 billion.

"Outstanding marketing efforts,  strong credit,  technological  improvements and
greater  productivity  make 1995 a most satisfying  year and, more  importantly,
positions  CIT for even greater  opportunities  in the  future,"  said Albert R.
Gamper, Jr., CIT president and chief executive officer.


<PAGE>



Financial highlights for 1995:

     o   Financing and leasing assets totaled $16.91  billion,  up $1.25 billion
         (8.0%) from $15.66 billion at December 31, 1994. The increase  reflects
         continued strong volume primarily in the Industrial Financing and Sales
         Financing  units as well as growth of the  Consumer  Finance  business,
         offset by securitizations of certain Sales Financing receivables.

     o   Net finance income rose to $697.7  million (4.54% of average  financing
         and leasing assets "AEA") in 1995, compared to $649.9 million (4.77% of
         AEA) in 1994. The changes reflect the continued growth in financing and
         leasing assets, offset partially by higher interest expense.

     o   Fees and other income totaled $184.7 million in 1995 compared to $174.4
         million in 1994,  reflecting  higher  gains on asset sales and improved
         fee generation,  partially offset by lower factoring commissions due to
         a weak 1995 retailing environment.

     o   Salaries and general  operating  expenses for 1995  increased  only 2.3
         percent  from  1994,  reflecting  significant   productivity  gains  as
         financing and leasing assets grew 8.0 percent during 1995. As a percent
         of AEA, expenses improved to 2.25 percent during 1995 from 2.48 percent
         in 1994. This productivity  reflects further  investments in operations
         across most  business  units and the  continued  growth of the Consumer
         Finance franchise.

                                       -2-

<PAGE>



     o   Net credit  losses  during  1995 were $77.2  million,  0.50  percent of
         average  finance  receivables,  a  decrease  from $84.2  million,  0.61
         percent of average finance receivables for the year 1994.

     o   Finance receivables past due 60 days or more were $263.9 million (1.67%
         of finance  receivables)  at December  31, 1995 up from $176.9  million
         (1.20% of finance  receivables)  at December 31, 1994. Past due finance
         receivables  on nonaccrual  status  totaled  $139.5  million  (0.88% of
         finance  receivables)  at December 31, 1995 compared to $110.2  million
         (0.75% of finance receivables) at the end of 1994.

     o   Assets  received  in the  settlement  of loans  were  $42.0  million at
         December 31, 1995, down from $86.5 million at December 31, 1994.

     o   The reserve for credit losses stood at $206.0 million at year end 1995,
         a $13.6  million  increase  from the prior  year and  represented  1.30
         percent of finance receivables for both periods.

     o   The ratio of debt-to-equity was 7.09 to 1 at December 31, 1995 compared
         to 6.91 to 1 at December 31, 1994.

     The CIT Group  Holdings,  Inc.,  one of the  nation's  largest  asset-based
lenders,  is owned 80 percent by The Dai-Ichi Kangyo Bank,  Limited,  one of the
largest banks in the world, and 20 percent by Chemical Banking Corporation,  one
of the largest bank holding companies in the United States.


               (SEE ATTACHED TABLES FOR ADDITIONAL FINANCIAL DATA)

                                      # # #




                                       -3-

<PAGE>


<TABLE>

                          THE CIT GROUP HOLDINGS, INC.

                                AND SUBSIDIARIES

                         CONSOLIDATED INCOME STATEMENTS

                          (Dollar Amounts in Thousands)


<CAPTION>
                                                                                         Years Ended
                                                                                         December 31
                                                           -------------------------------------------------------------------------
                                                                1995             % to AEA              1994            % to AEA
                                                           --------------------------------        ---------------------------------
<S>                                                         <C>              <C>                   <C>              <C>

Finance income .......................................      $ 1,529,234            9.90%*          $ 1,263,846           9.19%*
Interest expense .....................................          831,531            5.36*               613,957           4.42*
                                                            -----------      --------------        -----------      --------------

  Net finance income .................................          697,703            4.54                 649,889           4.77

Fees and other income ................................          184,709            1.20                174,365           1.28
                                                            -----------      --------------        -----------      --------------

  Operating revenue ..................................          882,412            5.74                824,254           6.05

Salaries and general operating expenses ..............          345,708            2.25                337,936           2.48

Net credit losses ....................................           77,241             .50**               84,152            .61**
Provision for increase in finance receivables ........           14,683             .10                 12,789            .09
                                                            -----------      --------------        -----------      --------------
  Provision for credit losses ........................           91,924             .60                 96,941            .71

Depreciation on operating lease equipment ............           79,752             .52                 64,308            .47
                                                            -----------      --------------        -----------      --------------

  Operating expenses .................................          517,384            3.37                499,185           3.66
                                                            -----------      --------------        -----------      --------------

Income before provision for income taxes .............          365,028            2.37                325,069           2.39

Provision for income taxes ...........................          139,777             .91                123,941            .91
                                                            -----------      --------------        -----------      --------------

  Net income .........................................      $   225,251            1.46%           $   201,128           1.48%
                                                            ===========      ==============        ===========      ==============

Average financing and leasing assets (AEA) ...........      $15,377,470                            $13,630,256

Average finance receivables ..........................      $15,397,762                            $13,819,916

<FN>

*     Excludes interest income and interest expense relating to interest-bearing deposits
**    Percent to average finance receivables

</FN>
</TABLE>


                                       -4-

<PAGE>


<TABLE>

                          THE CIT GROUP HOLDINGS, INC.

                                AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

                          (Dollar Amounts in Thousands)
                                                                                                      December 31,    December 31,
<CAPTION>
                                                                                                          1995            1994
<S>                                                                                                   <C>             <C>    
                                                                                                      ------------    ------------
Assets
Financing and leasing assets
Capital Equipment Financing .......................................................................   $  4,548,677    $  4,493,531
Business Credit ...................................................................................      1,470,981       1,442,049
Credit Finance ....................................................................................        758,729         719,642
                                                                                                      ------------    ------------
  Corporate Finance ...............................................................................      6,778,387       6,655,222

Commercial Services ...............................................................................      1,743,322       1,896,233

Industrial Financing ..............................................................................      4,929,858       4,269,693
Sales Financing ...................................................................................      1,304,921       1,402,443
                                                                                                      ------------    ------------
  Dealer and Manufacturer Financing ...............................................................      6,234,779       5,672,136

Consumer Finance ..................................................................................      1,039,044         570,772
                                                                                                      ------------    ------------

  Finance receivables .............................................................................     15,795,532      14,794,363
Reserve for credit losses .........................................................................       (206,027)       (192,421)
                                                                                                      ------------    ------------
  Net finance receivables .........................................................................     15,589,505      14,601,942

Operating lease equipment .........................................................................      1,113,007         867,914
                                                                                                      ------------    ------------
  Net financing and leasing assets ................................................................     16,702,512      15,469,856

Cash and cash equivalents .........................................................................        161,464           6,558

Other assets ......................................................................................        556,322         483,276
                                                                                                      ------------    ------------
  Total assets ....................................................................................   $ 17,420,298    $ 15,959,690
                                                                                                      ============    ============

Liabilities and Stockholders' Equity
Debt
Commercial paper ..................................................................................   $  6,105,569    $  5,660,194
Variable rate notes ...............................................................................      3,827,500       3,812,500
Fixed rate notes ..................................................................................      3,337,030       2,619,350
Subordinated fixed rate notes .....................................................................        300,000         300,000
                                                                                                      ------------    ------------
  Total debt ......................................................................................     13,570,099      12,392,044

Credit balances of factoring clients ..............................................................        980,916         993,394
Accrued liabilities and payables ..................................................................        485,854         354,714
Deferred Federal income taxes .....................................................................        469,238         426,511
                                                                                                      ------------    ------------
  Total liabilities ...............................................................................     15,506,107      14,166,663

Stockholders' equity
Common stock - authorized, issued and outstanding - 1,000 shares ..................................        250,000         250,000
Paid-in capital ...................................................................................        408,320         408,320
Retained earnings .................................................................................      1,255,871       1,134,707
                                                                                                      ------------    ------------
  Total stockholders' equity ......................................................................      1,914,191       1,793,027
                                                                                                      ------------    ------------
  Total liabilities and stockholders' equity ......................................................   $ 17,420,298    $ 15,959,690
                                                                                                      ============    ============

</TABLE>


                                       -5-