Stanford University Fires 49 Employees as Units Cut Budgets - Oliver Staley, Bloomberg

Stanford University fired 49 employees in the fund-raising, buildings and alumni departments after endowment losses forced spending cuts. The units are reducing their annual budgets by 15 percent, the university, near Palo Alto, California, said yesterday in a statement on its Web site. Stanford’s endowment will fall at least 30 percent in the current fiscal year, from $17.2 billion on Aug. 31, the school estimated.