2 hrs ago
Legal & General Plans 1,000 Job Cuts by Mid-2027
Legal & General is a large British insurance and investment company.
It plans to remove about 1,000 jobs by the middle of 2027.
This is about one out of every ten jobs at the company.
The chief executive says the company has become too complicated and needs to work more simply.
The company will first ask employees if they want to leave voluntarily.
If that does not reduce the workforce enough, some people could be required to leave.
Legal & General says the changes will help it spend more money on areas where it sees the best chances to grow.
The company plans to discuss the changes with unions.
Legal & General plans to reduce its workforce by about 1,000 roles, or 10%, by mid-2027.
CEO António Simões said the restructuring aims to make the insurer leaner and less complex.
The company is launching a voluntary job-reduction program but may use compulsory layoffs if needed.
Legal & General will consult unions and redirect investment toward areas with stronger growth opportunities.
Its asset-management division is reportedly excluded from the new cuts after last year’s restructuring, which eliminated either 70 or 80 roles according to different reports.
- Who
- Legal & General Group, led by CEO António Simões, and its employees.
- What
- The company plans to cut about 1,000 roles, or 10% of its workforce, through voluntary and potentially compulsory layoffs.
- Where
- Legal & General is headquartered in London, and the cuts concern its workforce across the company.
- When
- The reductions are planned to be completed by mid-2027; the company’s asset-management restructuring occurred last year.
- Why
- The company says it wants to improve efficiency, reduce complexity and costs, and focus investment on stronger growth opportunities.
Key facts
- Planned reduction
- About 1,000 roles
- Share of workforce
- Approximately 10%
- Target date
- Mid-2027
- Initial approach
- Voluntary job-reduction program
- Possible further action
- Compulsory layoffs if voluntary departures do not meet the target
- Asset-management division
- Reportedly excluded from the new cuts
- Assets overseen
- Around £1.1 trillion
- Previous asset-management cuts
- Reports differed between about 70 and 80 roles
Quotes
António Simões
CEO of Legal & General Group Plc
“To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming. Across L&G, we need to change how we work today and, through this, become a leaner organisation. By the middle of next year, we expect to reduce the size of our organisation by around 1,000 roles.”
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Sources
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