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Article Excerpt
Byline: Kelly Holman
Private equity firms are well-known for enacting cost-cutting measures in their portfolio companies, including the firing of employees. Rare has been reducing the head count at leveraged buyout shops themselves; at least until now.
A number of large financial sponsors and middle-market groups have taken such measures. Four well-established global private equity firms moved to downsize their staffs before the New Year, including Blackstone Group, The Carlyle Group, Investcorp and 3i Group. Washington DC-based Carlyle is making perhaps the most drastic move, trimming its 1,000-employee staff by 10%, while London's 3i Group said it would eliminate 100 positions, or 15% of its global staff, citing "significantly changed market conditions."
Blackstone intends to lay off roughly 70 employees, sources told sister publication Investment Dealers' Digest, while Investcorp, a Bahrain-, New York-...
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