Legal & General to cut 1,000 jobs by middle of 2027
Legal and General plans to cut 1,000 jobs by the middle of next year as part of a push from chief executive Antonio Simoes to create a “leaner operation”. The UK’s largest asset manager informed staff on Wednesday on email that it has begun moves to eliminate 10 per cent of its workforce. The programme [...]
Asset management giant Legal & General announced plans to reduce its workforce by 1,000 jobs by mid-2027 as part of a broader effort to streamline operations. CEO Antonio Simoes informed staff via email that the company has already begun eliminating 10% of its workforce, with voluntary redundancies taking place in the UK. Mandatory job cuts may be implemented depending on participation.
Simoes explained that the restructuring is necessary to streamline processes and better align the company's structure with its strategic goals. The fund management division, which manages £1.2 trillion in assets, is not affected by this restructuring. Since taking over as CEO in January 2024, Simoes has been working to make Legal & General leaner.
In addition to this job reduction plan, Simoes has also announced efforts to enhance the pension arm of the company and reduced the number of businesses under its umbrella from four to three through mergers.
Furthermore, Simoes has introduced a new executive team and pledged to return over £5 billion to shareholders between 2025 and 2027 through dividends and share buybacks. The company's shares have risen 11.9% since the beginning of the year, trading at 293.3 pence per share. However, Legal & General has lagged behind competitors like Aviva and the broader market in recent years.
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