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Wednesday, June 24, 2009

Shrinking Endowment Forces Job Cuts At Harvard
Story from Mercury News

CAMBRIDGE, Mass. — Harvard University is cutting 275 staff jobs as fallout continues from the school's dropping endowment.

The layoffs amount to less than 2 percent of Harvard's 16,000 staff and faculty. The school also is reducing hours for 40 staffers. The cuts don't apply to faculty.

The cuts were announced in an e-mail Tuesday to faculty and staff from President Drew Faust and human resources Vice President Marilyn Hausammann.

Harvard's endowment fell 22 percent at the end of 2008 to $28.7 billion, and is expected to drop 30 percent in the fiscal year that ends this month.

Harvard has already frozen salaries, cut budgets and slowed construction on a science complex.

Faust said the cuts were hard but tough times require difficult decisions.