September 2, 2014
CAMBRIDGE, Mass. (AP) - Harvard University says it's cutting about a quarter of the staff - or about 50 jobs - from the company that manages its endowment after the fund tumbled $8 billion in four months.
The estimated 22 percent decline is the school's sharpest endowment drop in modern history. The endowment was valued June 30 at $36.9 billion, by far the largest in higher education.
In a statement, Harvard spokesman John Longbrake said the cuts at the Harvard Management Co. were needed to "maintain its position as a world-class investment organization."
The cuts follow a December letter to deans from university heads that said Harvard must take a "hard look" at staffing levels and compensation. The school has also said its stock portfolios had
been hit recently.
(Copyright 2009 by The Associated Press. All Rights Reserved.)