Harvard University posted its first operating loss since the coronavirus pandemic after US President Donald Trump cut off billions of dollars in federal research funding in an effort to control college campuses.
Harvard reported a $113mn deficit in its 2025 fiscal year, the university’s first since it lost $10mn in 2020 due to turmoil caused by the pandemic. The losses are its largest since 2011.
Harvard president Alan Garber said the blow could have been worse had the university not quickly resorted to lay-offs and freezes on hiring and salary increases, among several emergency tools used to conserve cash.
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