Financial services company and asset manager Legal & General plans to eliminate around 1,000 jobs, equivalent to approximately 10 percent of its workforce, by the middle of next year. Bloomberg News reports this, citing an internal email. The program will initially be voluntary in the UK, but compulsory redundancies may become necessary.
The reduction is part of CEO António Simões’ efforts to simplify and streamline the group. The asset management business, which manages 1,200 billion pounds, is not included because it is already undergoing a separate restructuring.
Legal & General has also pledged to return more than 5 billion pounds to shareholders between 2025 and 2027.
