Cost-cutting move aims to save educational publisher about £300m a year with 10% cut in global staff after biggest loss in history in 2016Pearson is to cut 3,000 jobs as the embattled company looks to slash costs after a slump at its US higher education business. The world’s largest education company, which has issued five profit warnings in the past four years, intends to axe about 10% of its 32,000 global workforce by the end of 2019. “No one takes pleasure in this sort of transformation we have to do but it is fundamental to the long-term future of the company,” Fallon said. “In North America we need to adjust the cost base to the reality of a smaller higher education courseware business,” said Coram Williams, Pearson’s finance chief. Pearson has factored in a 6% decline at its US higher education business this year and in 2018 before it is expected to recover.

Source: The Guardian August 04, 2017 06:58 UTC