OTHER NEWS - Oct. 18, 1993
From Times Staff and Wire Reports
ITT to Cut 1,100 Jobs: ITT Corp. said it will cut almost 28% of the 4,000 jobs at its world and division headquarters sites, saving the company $147 million, or 81 cents a share, in annual costs. The job cuts include 100 of the 474 employees at the company’s New York office. The cutbacks at its world headquarters resulted from a study of company operations by management consultant McKinsey & Co. “The results of this study are a good indication of how serious this company is about attaining its financial goals and ensuring the best possible returns for its shareholders,” company spokesman Jim Gallagher said. ITT employees were notified of the job cuts in an internal memo.
