New 3i chief to cut jobs in cost-cutting drive

Incoming 3i chief executive Simon Borrows will this week announce plans to cut staff and shut a number of the group's overseas offices, according to reports.

Borrows, who replaced Michael Queen last month and was tasked with rectifying the private equity firm's poor share price performance, will unveil his cost-cutting drive this week. According to reports, ‘significant job losses' will be made, most notably in the group's Asian and North American offices. The overhaul has been welcomed by activists Laxey Partners, which has withdrawn its resolution calling on the firm to consider liquidation. A 3i spokesman declined to comment to the FT, but said the group aimed to provide an update of strategic and organisational changes at the annual...