It is feared that the broadcaster's 6000-strong headcount could be reduced by as much as 10% as its interim profits are expected to fall by £42m.
Numis Securities predicts ITV's advertising revenue will be down 8% in the second half of 2008.
As well as the drop in advertising, huge losses have also been made due to the increased cost in programme spending as executive chairman Michael Grade focuses on improving content.
ITV is finding some success as dramas such as medical show 'Harley Street' performs well.
ITV has also been hit by higher sports costs after paying for rights to the Euro 2008 football tournament and lower income from premium-rate phone-ins.
Posts are to be cut at the London Studios where shows such as 'Ant and Dec's Saturday Night Takeaway' are produced.
It is the first major move since the Boston Consulting Group was drafted in to assess efficiency at ITV's content and commercial divisions.
BCG's findings are expected to translate to job cuts affecting staff in both production and advertising sales.
ITV's joint house broker, UBS, recently issued a sell note on the shares, saying they were worth just 28p against Friday's close of 42p.
UBS said: "Early indications suggest that the UK television advertising market will deteriorate sharply in September. Advertisers may take advantage of the deflationary environment to make further savings."
Consultations are currently going on with the Bectu broadcasting union in Leeds and Manchester where ITV's studio joint venture with the BBC is being held back.
Unions expect to hear more on job losses by September.
Meanwhile, Grade is believed to have been approached by rival media companies interested in acquiring BSkyB's controversial 17.9% stake in ITV.
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