Legal & General to cut 1,000 jobs by mid-2027
Programme will initially involve voluntary redundancies in the UK but the insurance and pensions firm will consider mandatory job cuts depending on the take-up Legal & General plans to cut 1,000 jobs by the middle of next year, about a tenth of the British insurance and pensions firm’s workforce. António Simões, the chief executive, is wielding the axe as part of his attempts to create a “leaner…
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.
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