- Citigroup's Ills May Signal Market Isn't Near Bottom
- US Inflation Bonds Hit by Deflation, May Recover
- Pros Say: Market Will Drop 5-10% — Ford Will Boom
- Bonds Drop on Profit-Taking, Geithner Move
- Jack Welch on Detroit: Let Them Go Bankrupt
- Bank Shareholders Face 'the Unthinkable': El-Erian
- Heinz Profit Rises, Thanks to Hedging
- AnnTaylor Swings to Loss, Pulls Outlook
- Where the Layoffs Are—Is Your Firm on the List?
- Pops & Drops: Hewlett-Packard, JP Morgan & Air Wagoner
- Mad Money Green Week: Owens Corning
- Fast & Furious: It's All About Soup
- Web Extra: The Trade on Walmart and RIMM
- Chartology: Grossly Oversold and Favoring the Upside
- The "Armageddon" Gameplan
- What's Next for Citigroup?
- What to Expect From a Geithner-led Treasury
- Value Trading Opportunity of a Lifetime?
Text Size 
McGraw-Hill, which owns ratings agency Standard & Poor's and news magazine BusinessWeek, said Tuesday it will cut 395 jobs and take a $23.7 million charge to pay for the layoffs.
McGraw-Hill [MHP
Loading...
()
] said 246 jobs will be eliminated in its financial services unit and 149 will be cut in the education segment, which will cost the 120-year-old publishing firm $14.8 million, or 5 cents a share, after taxes on its second-quarter earnings.
The news comes as many financial firms suffer in the wake of last summer's credit crisis. It also underscores economists' forecasts that more job losses are likely as the US economy slows.
Despite the charge, McGraw-Hill is sticking by its 2008 earnings guidance of $2.65 to $2.75 per share. The company said its 2008 forecast excludes the restructuring charge and associated benefits.
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes