He said a “significant drop” in recruitment of international students is partly to blame for the deficit, along with other factors.
He said cost-cutting measures now in place include a recruitment freeze and reducing operational expenditure.
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Prof Gillespie told staff: “However, even with these measures we could still be looking at a deficit for this financial year in the range of £25 million to £30 million.
“We must take further action now to address our financial stability and long-term future.
“Given the profile of our costs, it is inevitable this will mean a reduction in our staffing levels.
“This will be a very difficult period, certainly for this financial year and next.”
He said he will keep staff updated during what he termed as an “unprecedented set of challenges” for the university.
