McGraw Hill Said to Dismiss 65 in S&P Ratings UnitMatt Robinson
McGraw Hill Financial Inc. is dismissing about 65 employees in its Standard & Poor’s ratings unit, according to a person with direct knowledge of the decision. That’s in addition to about 80 voluntary buyouts it accepted as of last month.
The cuts affect employees across the globe, said the person, who asked not to be identified because the matter is private. S&P isn’t currently planning additional reductions, the person said.
“We live in a dynamic business environment and must be responsive to changing market conditions,” said John Piecuch, a spokesman for New York-based McGraw Hill. He declined further comment.
Chief Executive Officer Doug Peterson is trying to improve adjusted operating profit margins by about 2 percent this year. He’s cut expenses since taking the top job, including selling the company’s jet and moving its headquarters to a cheaper location.
Earlier this year, S&P accepted the volunteer buyouts from U.S.-based employees in its ratings unit with business titles of director and above, another person with knowledge of the matter said last month.