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Harvard To Cut 275 Jobs, Cites Dropping Endowment

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Jun 23, 2009 11:25 am US/Eastern

Harvard To Cut 275 Jobs, Cites Dropping Endowment

Layoff Follows 531 Buyouts

CAMBRIDGE (WBZ) ―

Click to enlarge 1 of 1: Students outside Widner Library, Harvard University.
AP

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

The cuts were announced in an e-mail Tuesday to faculty and staff from President Drew Faust. Human resources Vice President Marilyn Hausammann said the layoffs affect less than 2 percent of Harvard's 16,000 staff and faculty.

The school is also reducing hours for 40 staffers.

In February, 1,600 Harvard staffers were offered buyouts; more than 500 employees accepted.

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.

By state law, schools can only spend endowment gains, not the principle.

Harvard has already frozen salary, cut budgets and slowed construction on a science complex in Allston.

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