McGraw-Hill Announces 600+ Job Cuts
The McGraw-Hill Companies, owner of BusinessWeek, Standard & Poor’s, an educational book publishing business and a number of other assets, last week announced a restructuring of its business operations resulting in the elimination of more than 600 jobs, representing about 3 percent of the company’s total workforce.
The company cited turmoil in the subprime mortgage market as a leading contributor to the restructuring moves.
“Reducing staff is never an easy decision, but we believe the steps we have taken will strengthen our organization, enhance our ability to serve our customers and maximize shareholder value,” said Harold McGraw III, chairman, president and CEO of McGraw-Hill.
McGraw-Hill Education will incur the brunt of the job cuts, with 304 positions being eliminated. The Information and Media division, which includes a number of magazines, will lose 114 jobs.