CIT to cut 200 jobs in North America

CIT Group Inc. said on Wednesday that it will cut its work force by about 200 employees in North America in the second and third quarters of 2005 as it consolidates some of its units and technology systems. Rumors have been circulating that many will be let go from the Tempe, Arizona operation. Several insiders say they will close the division, but those in the know say they would love to move back to Atlanta, Georgia, but they don't think they will be so lucky.

CIT expects a second-quarter charge of about $25 million for expenses related to the job cuts.