3i Group announced that it will lay off approximately 15% of its global staff, or around 100 positions.
3i Group plc, an international leader in private equity, announced that it will be reducing its headcount by approximately 100 positions, or around 15% of its worldwide resources. The announcement which reflects significantly changed market conditions, is the culmination of a thorough review of the Group’s resourcing needs. The changes align 3i’s resources to market opportunities and increase cost efficiency.
Chief Executive Philip Yea commented:
“Although these decisions are clearly difficult for those affected, the outlook for markets is challenging, Throughout its long history, 3i has strengthened its competitive advantage and innovated during such times. Our near term focus currently is on our £10bn of assets under management and preparing the business to take advantage of opportunities when markets recover.”
3i is an international leader in private equity. We focus on Buyouts, Growth Capital, Infrastructure and Quoted Private Equity (“QPE”) and invest across Europe, North America and Asia. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, to our shareholders and to our fund investors.