McGraw-Hill, owner of Standard & Poor’s, Business Week and educational publications, is cutting 611 jobs or 3% of its workforce, leading to a fourth-quarter charge of $43.7 million, the company said.
The breakdown of job cuts:
McGraw-Hill Education: 304
Financial Services: 172
Information & Media: 114
General Corporate: 21
The company’s financial services unit will take the greatest share of the charge ($18.8 million), even though the education unit ($16.3 million) is taking the largest share of the layoffs. The information and media unit, which includes Business Week, will account for $16.3 million.
The cuts come a day after S&P’s main rival Moody’s Corp. announced plans to eliminate 275 jobs.
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