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(Sharecast News) - Legal & General confirmed on Wednesday that it plans to cut around 1,000 jobs by the middle of next year as it looks to simplify the business.
The company noted that since 2024, it has become a "simpler, more focused" business.
A spokesperson for L&G said: "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."
In an email to employees as he announced a voluntary redundancy programme, chief executive António Simões said: "Over 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. However, 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."
Bloomberg reported earlier in the day that the programme would initially be voluntary in the UK but that L&G will consider mandatory layoffs depending on take-up. It said the investment management division is excluded as it already has its own restructuring plan underway.
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