"The University of Southern California has issued layoff notices to more than 900 employees since July amid a fiscal crisis that has battered morale and strained resources. The cuts, detailed in a Monday letter to the USC community by interim President Beong-Soo Kim, are central to an effort to erase a budget deficit that ballooned to more than $200 million. The layoffs have included employees across the university and its health system, including student academic advisers."
"USC's deficit grew dramatically during the final year of Folt's tenure, mushrooming from $158 million to upwards of $200 million - an increase of more than 26%. The private university, traditionally known for its wealth, embarked on several pricey projects in recent years, among them the opening of a campus in Washington, D.C. that included buying a building there for about $49 million."
More than 900 USC employees received layoff notices since July as the university seeks to eliminate a budget deficit that exceeded $200 million. Interim President Beong‑Soo Kim said up to 200 of those notified could be placed in new roles and that cuts are nearly complete. The layoffs affected staff across the university and its health system, including student academic advisers, and have strained morale and operations. The deficit rose from $158 million to over $200 million during the prior president’s final year after costly projects and the $1.1 billion settlement to patients of former gynecologist George Tyndall. A hiring freeze and reassessment of capital spending were among austerity measures announced earlier.
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