Metropolitan Museum Aims to Cut Deficit by $30 Million
Three months after the Metropolitan Museum of Art announced a two-year financial restructuring that included a hiring freeze and voluntary buyouts, the institution is turning to layoffs to help shrink its deficit, the New York Times reports.
Although fifty-six employees have already taken buyouts, the Met is seeking to eliminate at least a hundred positions in an effort to cut its deficit by $30 million through cost reductions and revenue growth. Curatorial and conservation jobs are likely to be cut by 5 percent, while administrative staff — including positions in marketing, human resources, and digital outreach — may see cuts of between 15 percent and 20 percent. With a deficit of $10 million already this year — a shortfall that Met officials said could rise to as much as $40 million — work on a $600 million wing for modern and contemporary art has been suspended. The number of annual exhibitions over the next few years also will be curtailed from more than fifty to forty or so to reduce costs, Thomas P. Campbell, the Met's director and CEO, told the Times.
According to the Times, the cuts are coming at a time when some are questioning Campbell's decisions, including a $3 million rebranding campaign that was widely criticized and the lease and transformation of what used to be the Whitney Museum of Art into the Met Breuer. Campbell said departures were to be expected at an institution with fifty-five departments and twenty-three hundred employees, while attendance at the Breuer has exceeded initial expectations.
"There is no letting up on the quality and the commitment we have to excellence — nothing we're doing will be discernible or visible to the public," Daniel H. Weiss, the Met's president and COO, told the Times. "We're planning to streamline our budgets but not to diminish our mission."
