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Legal & General to Cut 1,000 Jobs by Mid-2027 in Strategic Overhaul
Legal & General has announced plans to reduce its global workforce by approximately 1,000 positions, or about 10% of its staff, by the middle of 2027. The move is part of a broader strategic initiative to streamline the business and enhance its operational performance.
A Push for Simplicity
In a communication to employees on Wednesday, CEO António Simões, who took the helm in early 2024, stated that the business had become "too complex over the past decade." He said the company must now become a "leaner organisation" to successfully execute its strategy.
A company spokesperson confirmed the changes are intended to help Legal & General focus its investments on areas with the strongest growth opportunities. The firm plans to consult with unions regarding the workforce reduction.
Details of the Restructuring
AdThe company will initiate the process with a voluntary job reduction program, although compulsory redundancies have not been ruled out. Key details of the plan include:
- Scope: Approximately 1,000 roles to be eliminated.
- Timeline: The reductions are expected to be completed by mid-2027.
- Exclusions: The asset management division will not be affected by these cuts, having already undergone a restructuring last year.
Market Context
The announcement comes as Legal & General seeks to address a period of lagging market performance. While the company’s stock has risen 13% so far in 2026, its shares have underperformed key rivals like Aviva and the wider market in recent years. This restructuring represents a significant step by the new leadership to improve efficiency and shareholder value.
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