Now here is some breaking (and quite disturbing news). It makes one wonder how bad the recession really as if even an Ivy League school would be announcing job cuts.
Harvard University announced that it will be cutting 275 positions or less than 2% of its 16,000-person staff due to a drop in endowment. The cuts, however, will not affect faculty.
Harvard’s endowment comes from more than 10,000 separate funds that fund facilities, grants, and other activities. Despite being considered as the largest in value in higher education, the endowment saw a drop of 22% last year from $34.9 billion at its peak to $28.7.
To combat the drop, Harvard has already frozen wages, cut budgets across the board, and slowed down development of facilities and infrastructure.
Source: ABC News
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