Legal & General to cut around 1,000 jobs
Henry Saker-Clark, Press Association Deputy Business Editor
Life insurance and pensions giant Legal & General, which employs over 2,000 people at its Cardiff site, has said it expects to cut around 1,000 jobs by the middle of next year.
Boss Antonio Simoes told staff in an email on Wednesday that the company needs to “become a leaner organisation”.
The financial services giant said it will start by first offering voluntary redundancy to its UK workers, although its asset management division will not be affected.
It is understood the move will affect around a 10th of its total workforce.
The proposed cuts come amid efforts to simplify the structure of the organisation, with the group already being trimmed from four businesses into three divisions.
It also sold off some assets, such as its Cala Homes housebuilding operation.
“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,” Mr Simoes told workers.
“To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming.”
The company previously cut roles in its asset management division after being impacted by an earlier part of the simplification programme.
Last month, L&G revealed stronger-than-expected first half results as it reported a 37% increase in fee-related earnings from its asset management division.
An L&G spokesman said: “Since 2024, L&G has become a simpler, more focused business.
“These changes represent the next stage of that transformation, ensuring that our organisation and ways of working reflect the business we are now building and the rapidly changing environment in which we operate.
“They will also help us focus our resources and investment on the areas where we see the strongest opportunities for long-term growth.
“We recognise and take seriously the impact on colleagues and are committed to supporting our people throughout the process and consulting with our unions.”
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