McGraw-Hill, owner of the Standard & Poor’s credit-rating service, cut 375 more jobs in Q4 as the economic meltdown erodes revenue.
The layoffs will reduce Q4 earnings by $16.4 million after taxes, or 5 cents a share, the company announced.
The education-publishing unit lost 215 positions. Seventy jobs were cut in information & media, 40 from the corporate side and 50 in financial services, which includes S&P. McGraw- Hill has been trimming costs since credit-market troubles hit the US in the second half of 2007, suppressing demand for new bond ratings.
McGraw-Hill cut a total of 1,045 positions last year, or about 4.9% of its 21,171 employees as of the end of 2007.
Founded in 1917, McGraw-Hill is headquartered in Rockefeller Center in New York City. Its primary areas of business are education, publishing, broadcasting, and financial & business services. It publishes numerous textbooks and magazines, including BusinessWeek and Aviation Week, and is the parent company of J.D. Power and Associates.McGraw-Hill Edits Out 375 More Jobs by Harrison Barnes