New Delhi, Sep 23 (SocialNews.XYZ) UK-based insurance and pensions group Legal & General Group Plc is planning to eliminate around 1,000 jobs by mid-2027, representing roughly 10 per cent of its workforce, as Chief Executive Antonio Simoes accelerates efforts to simplify the company and improve operational efficiency.
According to a report by The Guardian, the company informed employees on Wednesday that it had begun the process of removing about 1,000 roles. Most of Legal & General's approximately 10,000 employees are based in the UK.
The initial phase of the restructuring is expected to focus on voluntary redundancies. However, the company could resort to compulsory job cuts depending on the response from employees, the report said.
Legal & General said the latest programme represents the next phase of its transformation under Simoes, who took over as chief executive in January 2024. The company's fund management arm, which oversees around £1.2 trillion in assets, has been excluded from the exercise as it is already undergoing a separate restructuring programme.
Since becoming CEO, Simoes has sought to streamline Legal & General's operations and concentrate the group on its core businesses. In June 2024, he announced a renewed focus on the pensions business and reduced the company's four operating divisions to three by bringing its asset management businesses together.
The group has also sold a number of assets considered non-strategic, including housebuilder Cala Homes, as well as legacy land and real estate holdings.
Simoes has meanwhile formed a new executive leadership team and pledged to return more than £5 billion to shareholders between 2025 and 2027 through dividends and share buybacks.
In an email to employees, Simoes said the company had made significant progress in simplifying the group and establishing three core businesses. However, he noted that different structures, processes and working practices had developed over the past decade, leaving the organisation more complex than necessary.
The CEO said Legal & General now needed to change the way it operates and become a leaner organisation.
A company spokesperson said the changes would enable Legal & General to focus its resources and investment on areas with the strongest opportunities for long-term growth.
Source: IANS
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