Hit by stock plunge, Harvard cuts costs

CAMBRIDGE, Mass., Dec. 10 (UPI) -- Harvard, the world's richest university, is feeling the economic pinch and plans to freeze faculty salaries, a university official said in Massachusetts.

The university will also delay searches for tenure-track professors, the Boston Globe reported Wednesday. Harvard froze hiring for administrative staff last month.

Michael Smith, dean of the Faculty of Arts and Sciences, announced the new cost-cutting measures Tuesday night at a meeting with faculty.

Harvard had an endowment of $36.9 billion a few months ago. But the value of its holdings has dropped 22 percent with the slumping stock market.

Bob Mitchell, a spokesman for the Faculty of Arts and Sciences, said that about 50 searches for new tenure-track faculty had been underway. He said that 15 efforts to fill essential positions would continue.

Ingrid Monson, a professor of music, African Studies and African-American Studies, said that the mood after the meeting was "a little glum." But she said that faculty members understand that "the gravy train is over."