Legal & General plans to cut 1,000 roles by mid-2027

Legal & General plans to eliminate around 1,000 roles, about 10% of its workforce, by mid-2027 as it restructures the business to simplify operations and redirect resources. Chief Executive António Simões told employees about the planned reduction on September 23, according to the company’s announcement. The company said it will initially seek voluntary redundancies among employees in the United Kingdom. It has not ruled out compulsory cuts, which could depend on how many staff volunteer to leave. Legal & General also plans to consult unions. The final number of departures and the roles affected have not been specified. The asset management division is excluded from this round because it is undergoing a separate restructuring, the company said. The division manages about £1.2 trillion in assets. Legal & General’s three main business areas are asset management, insurance and pensions. Simões told staff that different structures, processes and working practices had developed across the group over the past decade, leaving it more complex than necessary.