Legal & General to slash 1,000 jobs by mid-2027 as CEO drives leaner model

Legal & General told employees it will remove approximately 1,000 jobs by mid-2027, equating to about 10% of its roughly 10,000-strong workforce, mainly in the United Kingdom. The reduction will start with voluntary redundancy offers, with the firm reserving the right to impose compulsory cuts if uptake is low. Chief executive António Simões, who took over in January 2024, frames the action as the next phase of a “leaner organisation” drive that follows a merger of its asset-management divisions, the sale of non-core assets such as Cala Homes, and a sharpened focus on its pensions business.

The fund-management division, overseeing £1.2 trn in assets, is excluded because it follows its own restructuring roadmap. L&G expects robust activity in the UK pensions market and aims to return more than £5 bn to shareholders through dividends and buybacks between 2025 and 2027, while pledging support for affected staff and union consultation.