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Legal & General to cut 1,000 jobs by mid-2027
The UK insurer will first offer voluntary redundancies and may move to mandatory cuts depending on take-up, while its asset management arm is excluded.
Legal & General said it has started steps to eliminate about 1,000 roles by mid-2027, a reduction that is expected to be about a tenth of its UK workforce of roughly 10,000 employees, according to the Guardian Business. The company plans to begin with voluntary redundancies in the UK and will consider mandatory job cuts depending on how many employees volunteer. A Legal & General spokesperson said the changes are intended to help the firm focus resources and investment on areas with the strongest opportunities for long-term growth, and the company said it is committed to supporting affected colleagues and consulting with unions. Legal & General also said its fund management division is excluded from the program because it has its own restructuring plan. The restructuring comes under CEO António Simões, who took over from Nigel Wilson in January 2024 and has described the move as the next stage of a broader transformation. Simões previously outlined a sharper focus on the pensions business, merged Legal & General’s asset management divisions into three businesses, and sold non-strategic assets including Cala Homes, plus legacy land and real estate. Legal & General also pledged to return more than £5bn to shareholders between 2025 and 2027 through dividends and share buybacks, and it expects £500bn of transactions in the UK pensions market over the next decade as employers transfer old defined benefit pensions.