LONDON (Reuters) – Private equity group 3i Group Plc declined to comment Wednesday on reports that it is about to cut 15 percent of its workforce as the firm looks to cut costs and prepare for the economic downturn.
The Financial Times reported 3i will announce plans to cut about 100 jobs from its staff of around 660 employees on Thursday.
Shares in the UK’s largest listed private equity group were down 5.3 percent at 376.25 pence at 1103GMT.
A spokesman for 3i said: “We did say in our half year results we were reviewing our costs and organisation and we have said we will let people know when that review is done.”
In October, 3i announced its decision to close its U.S. venture capital office in Menlo Park at the end of the year, turning its focus to mid-market private equity and infrastructure opportunities.
(Reporting by Simon Meads; editing by Rupert Winchester)