Meltdown at the World's Richest University
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Harvard University announced 275 job cuts on Tuesday, the latest cost-cutting measure at the world's richest university after the financial crisis triggered big losses in its multibillion-dollar endowment.
The Ivy League school took the action to meet budget constraints caused by an estimated 30 percent fall in its endowment for its 2009 fiscal year, ending June 30.
The cuts mostly affect administrative, clerical and technical jobs and will take place this week and next, Marilyn Hausammann, vice president for human resources, said in an e-mail to staff and faculty.
Another 40 staff were offered reduced work hours.
While the layoffs affect a fraction of Harvard's 16,000 staff and faculty, they illustrate the recession's toll on America's oldest institute of higher learning and other universities which depend on endowments and donations.
July 9, 2009
Copyright © 2009 Reuters
