Legal & General Layoffs: British Financial Giant Plans To Cut 1,000 Jobs by Mid-2027
Legal & General is cutting roughly 10 per cent of its workforce, shedding about 1,000 roles by mid-2027 through voluntary redundancies and potential compulsory cuts to streamline operations. 'Across L&G, we need to change how we work today and, through this, become a leaner organisation,' said CEO António Simões.
British financial services and insurance giant Legal & General Group Plc (L&G) has announced plans to cut about 10 per cent of its workforce, amounting to roughly 1,000 roles, by the middle of 2027. The workforce reduction forms part of a broader corporate strategy spearheaded by Chief Executive António Simões to streamline operations, reduce organisational complexity, and improve long-term efficiency.
Restructuring and Voluntary Redundancies
L&G, which employs approximately 10,000 staff primarily located in the UK, communicated the changes to employees via an internal email, reports Bloomberg. The company is initiating a voluntary redundancy program as the primary channel for downsizing. However, management noted that compulsory layoffs could be considered if voluntary departures do not meet the targeted figures. Xbox Layoffs: Know How Many Individuals Were Affected, Which Positions.
Outlining the necessity of the overhaul, a company spokesperson stated that the measures are designed to concentrate investments on high-growth segments: "These changes represent the next stage in the transformation of the company, ensuring that our organisation and ways of working reflect the business we are now building and the rapidly changing environment in which we operate."
Strategic Shift Under CEO António Simões
Since taking over as CEO in 2024, Simões has actively worked to simplify L&G's corporate structure, divest non-core holdings - such as the housebuilder Cala Homes - and realign the group around its core pillars of insurance, retirement solutions, and asset management. Addressing staff regarding the accumulation of corporate complexity over the past decade, Simões remarked, "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. To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming. Across L&G, we need to change how we work today and, through this, become a leaner organisation. By the middle of next year, we expect to reduce the size of our organisation by around 1,000 roles," reports Livemint. Oracle Layoffs: Leaked Doc Reveals 546 America Cloud Layoffs; Middle Managers and Workers Above 40 Heavily Affected.
The group's asset management division—which oversees a massive pool of assets in Europe—has been excluded from the current round of job cuts, having already undergone a separate restructuring program.
(The above story first appeared on LatestLY on Sep 24, 2026 02:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).