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Publishing company Pearson to cut thousands of jobs

Amana Images/Thinkstock(NEW YORK) -- After a record loss last year, Pearson plans to slash 3,000 jobs worldwide.

The publishing company, which sells academic books and online teaching services, will cut down more than 9 percent of its workforce. This will affect back-office operations such as human resources and finance, according to the BBC.

In January, Pearson reported a slump in sales at its main operation: selling textbooks to college students in the U.S., the BBC reported. This comes as students switch to online textbooks and rentals.

Pearson CEO John Fallon previously promised to cut annual expenses by $394 million by 2019.

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