Harvard University to cut 275 jobs

Harvard University announced 275 job cut on Tuesday as a consequence of the declining endowment triggered by the financial crisis, as the media reports. Harvard’s endowment, the nation’s largest, which was $37 billion on June 30 last year, shrunk to $29 billion by December, and projected to end this month at about $25 billion. This is believed to be affected by the loss of the top investors, including Marc Seidner very recently. The endowment funded about one third of the Harvard’s operating budget. Harvard University also will reduce the working hours of 40 other employees.