Legal & General announced plans to eliminate roughly 1,000 positions, representing about 10% of its total headcount, by mid‑next year. The first step will be offering voluntary redundancy to employees in the United Kingdom, while the firm’s asset‑management division will remain untouched.
The proposal was communicated by chief executive Antonio Simoes, who has led the company since 2024, in an email to staff on Wednesday. Simoes said the business must "become a leaner organisation" to stay competitive.
The job cuts form part of a broader simplification programme that has already seen the group shrink from four businesses to three divisions and has involved the sale of non‑core assets, including its Cala Homes house‑building operation.
"Over the last decade, different structures, processes and ways of working have developed across L&G, making us more complex than we need to be," Simoes added. "To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming."