McGraw Hill Financial Inc. (MHFI) is dismissing about 65 employees in its Standard & Poor’s ratings unit in addition to about 80 voluntary buyouts it accepted as of last month. The cuts affect employees across the globe.
Chief Executive Officer Doug Peterson is trying to improve adjusted operating profit margins by about 2 percent this year. He’s cut expenses since taking the top job, including selling the company’s jet and moving its headquarters to a cheaper location.
Earlier this year, S&P accepted the volunteer buyouts from U.S.-based employees in its ratings unit with business titles of director and above, another person with knowledge of the matter said last month. The volunteer buyouts obviously did not attract as many volunteers as it was hoped for.