BANKING & FINANCE - Jan. 20, 1993

ITT Cutting Consumer Loan Business: ITT Corp. said it is sharply reducing its consumer loan business, laying off about 1,400 people and setting aside nearly $1 billion to pay for the moves. The company’s consumer financial unit, which operates about 600 branches in 34 states, plans to close 200 consumer loan offices in 1993 and cut 1,400 employees from its staff of 5,400. ITT will set aside $928 million, or $612 million after taxes, against fourth-quarter results to pay for the move. The company also took other charges that amounted to $111 million, bringing the total pretax charge to more than $1 billion.