EMCC European Monitoring Centre on Change

3i Group

Company/Organisation:
3i Group

Geographic Location

Country: World
Location of affected unit(s): Barcelona (Spain), Birmingham (United Kingdom), Hong Kong, Shanghai (China), New York (United States) and unspecified other locations.

Company

Sector: Financial services
Financial and insurance activities
64.9 - Other financial service activities, except insurance and pension funding
Number Employed: 435

Employment Effects

Announcement Date: 29-06-2012
Planned Job Reductions min: 160
Planned Job Reductions max: 160
Type of Restructuring: Internal restructuring
Employment Effect Start: 30-06-2012
Foreseen End Date: 31-12-2013
Direct Dismissals: 160

Additional Information

Financial investment group 3i Group intends to cut 160 jobs worldwide, almost a third of its total staff. 

The company will close six of its offices, including branches in Barcelona, Birmingham, Hong Kong and Shanghai. 3i Group will also reduce the headcount at its 13 other offices.

The internal restructuring is part of a cost-savings programme that should substantially reduce the expenditures of 3i Group by 2014.

Sources:

29-06-2012The Financial Times

Sources Links:

http://www.ft.com/intl/cms/s/0/3fd1a820-c1b8-11e1-8e7c-00144feabdc0.html#axzz1zXvipYwq