{"id":780690,"date":"2026-09-24T04:38:09","date_gmt":"2026-09-24T04:38:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/780690\/"},"modified":"2026-09-24T04:38:09","modified_gmt":"2026-09-24T04:38:09","slug":"legal-general-to-cut-1000-jobs-by-mid-2027-legal-general","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/780690\/","title":{"rendered":"Legal & General to cut 1,000 jobs by mid-2027 | Legal & General"},"content":{"rendered":"

Legal & General plans to cut 1,000 jobs by the middle of next year, about a tenth of the British insurance and pensions firm\u2019s workforce.<\/p>\n

Ant\u00f3nio Sim\u00f5es, the chief executive, is wielding the axe as part of his attempts to create a \u201cleaner organisation\u201d since taking over from longtime CEO Nigel Wilson in January 2024. L&G described the move as \u201cthe next stage of that transformation\u201d.<\/p>\n

The London-headquartered firm told staff on Wednesday that it had begun moves to eliminate about 1,000 roles by mid-2027, which had first been reported by Bloomberg News. Most of L&G\u2019s 10,000 employees are based in the UK.<\/p>\n

The programme will initially involve voluntary redundancies in the UK but L&G will consider mandatory job cuts depending on the take-up.<\/p>\n

The fund management division, which oversees \u00a31.2tn in assets, is excluded as it has its own restructuring plan.<\/p>\n

Sim\u00f5es, who previously worked for Santander and HSBC, announced a sharper focus on L&G\u2019s booming pensions arm<\/a> in June 2024 and reduced the group\u2019s four businesses to three, by merging its asset management divisions. It sold several \u201cnon-strategic\u201d assets, the biggest of which was the housebuilder Cala Homes, along with legacy land and real estate.<\/p>\n

He also brought in a new executive team and pledged to return more than \u00a35bn to shareholders between 2025 and 2027 through dividends and share buybacks.<\/p>\n

Sim\u00f5es told employees in an email: \u201cOver the past two-and-a-half years, we have made significant progress executing our strategy, simplifying L&G, establishing three core businesses, and creating a more focused business.<\/p>\n

\u201cHowever, over the last decade, different structures, processes and ways of working have developed across L&G, making us more complex than we need to be\u2026 we need to change how we work today and, through this, become a leaner organisation.\u201d<\/p>\n

An L&G spokesperson said the changes \u201cwill help us focus our resources and investment on the areas where we see the strongest opportunities for long-term growth\u201d. The spokesperson added: \u201cWe recognise and take seriously the impact on colleagues and are committed to supporting our people throughout the process and consulting with our unions.\u201d<\/p>\n

The company expects \u00a3500bn of transactions in the UK pensions market over the next decade, as employers transfer their old defined benefit pension plans to insurers and pension companies. L&G said it was also benefiting from strong auto-enrolment of staff in their companies\u2019 pension schemes, with about \u00a31bn of new inflows each month.<\/p>\n","protected":false},"excerpt":{"rendered":"Legal & General plans to cut 1,000 jobs by the middle of next year, about a tenth of…\n","protected":false},"author":2,"featured_media":780691,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-780690","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/780690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=780690"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/780690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/780691"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=780690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=780690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=780690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}