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Print Edition StoriesMonday, February 9, 2009
Harvard Management Co. cuts jobs by 25%
By Mass High Tech staff
Harvard University’s endowment handler, Harvard Management Co., has announced plans to cut 25 percent of its staff. The layoffs amount to about 50 positions affected.
Harvard’s endowment dropped $8 billion from its June 30 posting of $37 billion to its latest estimate of $29 billion, the Boston Business Journal reports. The endowment call led to Harvard president Drew Faust’s decision to budget for job layoffs.
In the most recent fiscal year, HMC’s top six managers earned about $29.6 million, the BBJ reports.
HMC now operates under the eye of Jane Mendillo, the former Wellesley College endowment manager, who took over the role of president and chief investment officer at HMC seven months ago.
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