McGraw-Hill cuts 550 jobs, 2.5 pct of work force

McGraw-Hill Cos., hit by declines in its education, financial services and media properties, said Thursday it has cut 550 jobs, or roughly 2.5 percent of its work force, according to an Associated Press report. The New York company, which publishes textbooks and owns BusinessWeek magazine and the credit-ratings agency Standard & Poor’s, said it will take a $24.3 million pretax charge for severance costs in the second quarter. Accounting for taxes and lower-than-expected costs from previous cutbacks, the charge will amount to about 3 cents per share. McGraw-Hill said the deepest cutbacks were in the education unit, which lost 340 positions, followed by information and media with 125 and financial services with 85. The recession has cut across a broad swath of the company’s businesses. McGraw-Hill reported a 22 percent drop in first quarter profit in April.

Click here for the full story

"(Required)" indicates required fields