Metropolitan Museum Announces Job Cuts, Expects More to Follow

March 16, 2009, Philanthropy News Digest — The Metropolitan Museum of Art in New York City has announced that it will lay off more than a quarter of its merchandising staff, eliminating 74 jobs in addition to the 53 it cut last year, the New York Times reports.

The museum's endowment has lost an estimated $800 million, or 28 percent of its value, since last summer, when it was worth an estimated $2.9 billion, and museum officials have warned that the worsening economy may force a staff reduction of 10 percent — or as many as 250 full- and part-time jobs — before the summer. Already, the museum has imposed a hiring freeze, temporarily eliminated merit raises, and curtailed staff travel, entertainment, and the use of temporary employees.