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

Legal & General's CEO, António Simões, announced plans to cut 1,000 jobs by mid-2027, representing roughly a 10% reduction in workforce size. In a meeting with employees on Wednesday, Simões explained that the company had become too complex over the past decade and needed to streamline its operations for improved performance. The business will implement a voluntary job reduction program, though compulsory redundancies may be considered.

Simões emphasized that the cuts aim to align the company's working methods with its future strategy, making it a leaner organization. The asset management division, a key business unit, will not be impacted as it recently underwent restructuring. Simões, appointed CEO early in 2024, noted that the company's stock price has risen 13% in 2026, although it has underperformed compared to rivals and the broader market in recent years.