As I said before, Harvard lost a lot of money, $8Billions, to be exact. Hiring is frozen everywhere, impacting postdocs whose contracts are year-to-year. I’m optimistic that the grants we have written will get funded; I like it here, except the horrible weather, and don’t want to leave yet.
Now, Harvard fires the people that managed the endowment.
Harvard University said today that it’s cutting about a quarter of the staff — or about 50 jobs — from the company that manages its endowment after the fund tumbled $8 billion in four months.
The estimated 22 percent decline, by far the largest in higher education, was the sharpest drop in the endowment’s history. The fund was valued June 30 at $36.9 billion before falling to $28.7 billion by October.
The university is projecting the endowment will decline by a total of 30 percent by the end of the fiscal year in June.