McGraw-Hill Sheds 550 Education Jobs as Part of Cost-Cut Plan
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McGraw-Hill Cos., owner of Standard & Poor’s, plans to eliminate 550 jobs at its education unit as the company looks to trim $100 million in expenses in preparation for its split into two companies by the end of 2012.
The move eliminates 10 percent of McGraw-Hill’s education employees, the New York-based company said today in a statement after the close of trading. McGraw-Hill will also buy back $500 million in shares, after completing a $1 billion repurchase program.