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McGraw-Hill to cut almost 400 jobs

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New York—McGraw-Hill Cos. announced it will cut 395 jobs in its financial services and education segments as part of a restructuring. The job cuts do not affect McGraw-Hill’s information and media division, which publishes BusinessWeek, Aviation Week and other titles.

“We are taking actions to further streamline our operations and lower our costs in the areas most affected by current market challenges,” Harold McGraw III, chairman, president and CEO of McGraw-Hill, said in a news release.

“The decision to reduce staff is always difficult, but we believe these actions will help improve efficiency while enabling us to focus our resources on those parts of our business that are experiencing the strongest growth.”

The restructuring was driven by the current credit market environment as well as the consolidation of several functions within the financial services and education divisions, according to the company.

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