Reuters: Private Equity: UPDATE 1-3i cuts jobs and offices in bid to improve

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UPDATE 1-3i cuts jobs and offices in bid to improve Jun 29th 2012, 06:37 Fri Jun 29, 2012 2:37am EDT * 3i to cut over 160 jobs, more than one third of staff * Suspends new investment in southern Europe, Asia * Closing six offices, cutting jobs at six more By Simon Meads LONDON, June 29 - Private equity firm 3i is cutting jobs and closing offices in a move it hopes will help turn around its ailing performance and repair its tarnished reputation. The cuts are part of new strategy being put in place by former Greenhill banker Simon Borrows, who took over the top job at 3i last month. The plans will see 3i cut over 160 jobs, equating to more than a third of its staff, as it seeks to reduce annual operating costs by over 40 million pounds ($62 million). The cuts are designed to assuage shareholders, including Laxey Partners, which have voiced their dissatisfaction with ongoing performance and have called for more money to be funnelled back to them through company sales. The cuts will see 3i suspend new investments in southern Europe and Asia, but retain a focus on northern Europe and a growing presence in Brazil. Under the plans, 3i will close its offices in Barcelona, Birmingham, Copenhagen, Hong Kong, Milan and Shanghai and make significant reductions in staff numbers at another six offices. Link this Share this Digg this Email Reprints

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