Palo Alto - Stanford University's Graduate School of Business has been struck by the recession as 49 staff members have been let go since the beginning of the year. Stanford University on the whole expects to cut its budget by 10% this year.
Eight more in the staff had their work hours reduced as well. The latest cutbacks come from a number of budget shortfalls nearing $15 million. All those laid off, about 10% of the school's staff, received enhanced severance packages.
Things aren't expected to get any easier for the University. Overall, the school needs to reduce its budget by another 5% for next year.
