BusinessRestructuring

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

Published 6d ago · Updated 5d ago

AI summary48s readNegative

Legal & General is eliminating a tenth of its workforce in a major restructuring drive.

Legal & General has announced plans to cut one thousand jobs, representing roughly ten percent of its British workforce, by the middle of next year as part of an ongoing restructuring effort by chief executive António Simões. The insurance and pensions firm will begin the reduction programme with voluntary redundancies in the United Kingdom before considering mandatory cuts depending on take-up. Meanwhile, industry peer Admiral has separately proposed cutting five hundred roles from its own UK insurance business.

The planned redundancies amount to about a tenth of Legal & General's total workforce.
Chief executive António Simões is leading the transformation to create a leaner organisation.
The reduction programme will initially rely on voluntary redundancies across the United Kingdom.
Admiral has separately proposed cutting five hundred roles from its UK insurance operations.

By the numbers

1,000jobs cut

500roles cut

Why it matters

Corporate restructuring and job reductions in the British financial and insurance sector highlight ongoing efforts by major firms to streamline operations and reduce overhead costs amid shifting market conditions.