ITT is moving to cut its head office staff by 50%.
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ITT Corp., which is selling its telecommunications manufacturing business, said it will cut its headquarters staff by about 450 jobs. The company said the cuts will first be made through voluntary resignations and then possibly layoffs. In a memo to the staff, ITT said the program for those who want to leave voluntarily will begin today. ITT currently has 850 employees at its Manhattan headquarters.
