UK-listed 3i Group is cutting about 10% of its workforce in the latest round of cuts at the firm which is now almost half the size it was before the credit crunch struck in 2007.

The firm announced in its half-year results this morning that it was reducing its operating expenses and a spokesman for the firm confirmed it was cutting about 10% of its staff. The majority of the cuts will be in the UK and Southern Europe from private equity and back office staff.