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Jun 26, 2016 11:33 AM EDT

University of Chicago Professors, Students Were Disappointed by Dismissals and School Finances

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Faculty members and student groups of the University of Chicago are disappointed against the institution's leadership and its ongoing effort to cut off administrative personnel across campus.

Faculty members at the University of Chicago stated that leaders of multiple academic divisions were given an authoritative order to cut down the budgets by 8 percent, following an official order of the university to reduce spending on administration, Chicago Tribune reported.

As stated by the faculty and union representatives, a number of non-academic and secretarial staffers in the Humanities department were dismissed in mid-May. And at the end of June, another round of cuts will affect other sectors.

The layoffs at the University of Chicago appeared to be controversial, as the prestigious institution carried more than $8 billion in net assets. The financial statements of UC claimed that the institution in 2014 - 2015 paid out over $2 billion in salaries and benefits to faculty and employees.

A university spokesman could not provide any top administrators to be available to answer specific questions regarding the layoffs. Instead, the officials of the University of Chicago offered a statement stating that the institution focused to aggressive spending on financial aid packages, new academic programs and facilities.

The statement of the University of Chicago pointed out that the cost containment will be achieved primarily through gradual process and governs the hiring of staff. And the reduction of current staff positions is essential in order to meet budget targets.

On the other hand, the prestigious University of Chicago welcomed back  the  Indian economist - Raghuram Rajan, First Post reported.

Sunil Kumar, University of Chicago Booth School of Business Dean, stated that they salute Professor Rajan in coming back to the Chicago Booth faculty. The institution claimed that the experience of Rajan as head of India's top central banker will be of great benefit to the university.

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