United Technologies plans to eliminate 11,600 jobs in response to a steepening downturn that has swept through many of the conglomerate’s businesses, from Otis elevators to aerospace.

The company’s executives also lowered their profit and revenue targets for the year on Tuesday, joining a chorus of corporate leaders who have conceded the second-half turnaround they had predicted even as a crisis enveloped the financial markets now appears out of date and overly optimistic.