updated 6/23/2009 6:43:21 PM ET 2009-06-23T22:43:21

Harvard University planned to cut 275 staff jobs as fallout continues from the school's dropping endowment.

The layoffs amount to less than 2 percent of Harvard's 16,000 staff and faculty. The school also is reducing hours for 40 staffers. The cuts don't apply to faculty.

The cuts were announced in an e-mail Tuesday to faculty and staff from President Drew Faust and human resources Vice President Marilyn Hausammann.

Harvard's endowment fell 22 percent between the end of June and October to $28.7 billion. The university has said it expects the drop to total 30 percent for the fiscal year that ends this month.

Harvard has already frozen salaries, cut budgets and slowed construction on a science complex.

Faust said the cuts were hard but tough times require difficult decisions.

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