The new boss of embattled security giant G4S pledged to sell off or shake up a raft of underperforming businesses under an overhaul following a string of damaging blunders.
Ashley Almanza - who took over from former chief executive Nick Buckles in June after his predecessor came under fire for the group's botched handling of its Olympic Games contract - outlined plans to " sharpen our strategic focus" by selling, growing or restructuring 35 units.
He revealed plans to cut between 250 and 400 roles within the group's 45,000-strong UK workforce, but hopes to redeploy affected staff elsewhere in the business.
The firm has been left reeling after a series of high-profile problems, and was yesterday dealt a further blow as the Serious Fraud Office (SFO) announced it had o pened a criminal investigation after it emerged G4S and rival Serco overcharged the Ministry of Justice for electronically monitoring offenders, some of whom were found to be dead, back in prison or overseas.
G4S and Serco are also facing a Cabinet Office review of key contracts held by the firms after the tagging scandal came to light.
Mr Almanza said the businesses earmarked for overhaul generate £400 million of revenues in total.
The group, which warned over profits in May, plans to raise funds from those it decides to sell to slash debts and fund expansion in lucrative emerging markets, which contribute more than 40% of group profit.
The latest changes come on top of a £30 million to £35 million cost-cutting plan.
It said in a trading update that its emerging markets businesses "continue to achieve good results", while cautioning over ongoing challenging conditions in Europe and America.
Sales for the nine months to the end of September rose 6.4% on a year earlier, with foreign exchange movements stripped out, but it failed to grow underlying profits, which have remained flat in the year so far.
Shares in the group fell 3% despite Mr Almanza's assurances over the business.
He said: "G4S has strong fundamentals and these will be improved by changes to the way we manage the business.
"We will sharpen our strategic focus and strengthen our investment in customer service, organic growth, and technology and innovation."
It plans to grow by around 5% to 8% a year, with a contract pipeline worth £5 billion under its belt.
Mr Almanza said around £15 million to £20 million will be invested in customer service and business development in 2014.
G4S rejected a £1.55 billion bid for its cash transportation business from private equity firm Charterhouse Capital last month for under-valuing the division.
It added today that a restructuring of the business should deliver "tangible benefits" next year.
G4S is the largest employer on the London Stock Exchange with more than 620,000 staff worldwide.