McGraw-Hill cutting 10 pct of education unit work force, freezing pension; eyes $100M savings

Publishing company McGraw-Hill Cos., which owns the Standard & Poor's corporate credit rating firm, says it will cut 550 jobs at its education arm and freeze all employees' pensions next year as part of a plan to split into two companies. At the education business, McGraw-Hill said Wednesday that it will cut 20 percent of executive positions and 10 percent of the workforce overall, making most of the reductions by the end of this year