- Today's Hot Chat Topics
- Member Benefits
- Manage your personalised Watchlist.
- Set up an online Virtual Portfolio.
- Participate in Share Chat.
- See more trades and director dealings.
- Play the Fantasy Share Trading Game.
Share:
HomeShare PricesStock PickerFinancial DiaryUK IndicesUK Industry SectorsCompany LookupShare RisersShare FallersBroker RatingsFinance GlossarySMS ServicesShare ChatFinance NewsBlogsLive PricesShares BookshopFinance ToolsMembers
Latest Share Chat
3i ShareCast News (III)
ShareCast News for 3i (III)
| Share Price: 333.00 | Bid: 333.00 | Ask: 333.20 | Change: -2.50 (-0.75%) |  | ||||||
| ||||||||||
One third of 3i workers to go as new boss swings axe
Fri, 29th Jun 2012 07:51
Simon Borrows, the new Chief Executive of struggling private equity giant 3i, says jobs will be slashed as the company seeks to recover from its five-year long share price slump.
The group's portfolio of investments is huge, including lingerie firm Agent Provacteur, Interflora and the restaurant chain Giraffe, but since June 2007, 3i shares have lost 86% of their value.
The new man at the top, Simon Borrows, says he will make over 160 redundancies, or a third of 3i's headcount, while also closing offices in Barcelona, Birmingham, Copenhagen, Hong Kong, Milan and Shanghai.
The cost savings programme is intended to save £40m by the end of March 2013.
Borrows said of the changes: "The business today is too decentralised and lacks focus and consistency. The operating cost base has lagged changes to the investment business and is currently not aligned with the group's income.
"We will re-focus the group's resources and capital in the regions and sectors where we have demonstrable competitive advantage and see the greatest opportunity."
BS
The group's portfolio of investments is huge, including lingerie firm Agent Provacteur, Interflora and the restaurant chain Giraffe, but since June 2007, 3i shares have lost 86% of their value.
The new man at the top, Simon Borrows, says he will make over 160 redundancies, or a third of 3i's headcount, while also closing offices in Barcelona, Birmingham, Copenhagen, Hong Kong, Milan and Shanghai.
The cost savings programme is intended to save £40m by the end of March 2013.
Borrows said of the changes: "The business today is too decentralised and lacks focus and consistency. The operating cost base has lagged changes to the investment business and is currently not aligned with the group's income.
"We will re-focus the group's resources and capital in the regions and sectors where we have demonstrable competitive advantage and see the greatest opportunity."
BS
Friday broker round-up UPDATE
Aberdeeen Asset Management: Bank of America cuts target price from 475p to 410p downgrading to underperform.[7 Jun '13]
Wednesday broker round-up UPDATE
Aberdeen Asset Mangement: UBS cuts target price from 520p to 505p, while maintaining its buy recommendation.[5 Jun '13]
London pre-open: FTSE to edge higher ahead of BBA data
City sources predict the FTSE 100 will open up six points from yesterday's close of 6,697, as markets calm after Thursday's heavy losses and ahead of the Bank Holiday weekend.[24 May '13]
3i Group makes offer to acquire Barclays infrastructure business
3i Group has made an irrevocable offer to Barclays Bank to acquire Barclays Infrastructure Funds Management (BIFM), its European infrastructure fund management business, in what would be a 'significant milestone' for the group.[24 May '13]
Tuesday broker round-up UPDATE
Antofagasta: Canaccord Genuity reduces target price from 1065p to 1040p, while leaving its hold recommendation unchanged.[21 May '13]
Petrofac heads stock up as group unveils growth predictions
A round-up of the biggest director deals today so far.[17 May '13]
FTSE 250 movers: Synthomer drops into bottom spot
Shares in chemicals company Synthomer dropped on Thursday after the company said demand in Europe was weaker than anticipated during March and April, driving the overall group performance lower.[16 May '13]
3i Group to cut costs further after beating targets
FTSE 250 investment group 3i Group saw a surge in assets under management (AuM) in the year to March 31st and said that it has identified further cost savings for the future after outperforming its targets last year.[16 May '13]
