3i to cut jobs and offices

This cost-cutting exercise – as Simon Borrows faces the challenge of improving 3i's ailing share price – could lead to significant job losses. The firm's Asian and North American offices are also understood to be under threat.

A 3i spokesperson declined to comment, adding that the group would communicate further following the AGM on Friday 29 June.

Simon Borrows is believed to have bought four million shares in 3i, worth slightly less than £7m, at the beginning of June. He took over as group CEO in mid-May, replacing Michael Queen.

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