3i shuts local unit
By Ding Yining |
June 30, 2012, Saturday
|
Print Edition
Print Edition
BRITISH private equity firm 3i Group Plc yesterday said it is cutting more than 160 jobs, or about a third of its employees, and closing offices in a cost-saving effort to overhaul its global business.
It will shut down offices in six cities, including Shanghai and Hong Kong, in addition to a further reduction of staff in another six offices.
The company estimates the measures will reduce operating costs by more than 40 million pounds (US$63 million) by March and a further 45 million pounds in 2014.
It will shut down offices in six cities, including Shanghai and Hong Kong, in addition to a further reduction of staff in another six offices.
The company estimates the measures will reduce operating costs by more than 40 million pounds (US$63 million) by March and a further 45 million pounds in 2014.
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