Legal & General, a major UK-based financial services company, has announced plans to reduce its workforce by approximately 1,000 employees by mid-2027. The move is part of a broader strategy to make the company more efficient and focused. Antonio Simoes, the company’s chief executive, explained in an internal email that the goal is to “become a leaner organisation,” emphasizing the need to simplify operations and better align with the company’s long-term goals. The company will initially offer voluntary redundancy to employees in the UK, though its asset management division will remain unaffected by these changes. It is estimated that the job cuts will impact around 10% of Legal & General’s total workforce. These reductions are part of a larger restructuring effort, which includes consolidating its operations from four separate businesses into three divisions. This restructuring aims to eliminate redundancies and streamline decision-making processes. In recent years, Legal & General has also divested from certain non-core operations, such as its Cala Homes housebuilding business. Simoes noted that over the past decade, the company had developed different structures, processes, and ways of working across its various divisions, leading to unnecessary complexity. He stressed that for the company to successfully implement its future strategy, its internal operations must reflect the evolving nature of its business. The restructuring is seen as a necessary step to adapt to changing market conditions and to ensure the company remains competitive. While the job cuts may be difficult for affected employees, Legal & General has emphasized that the changes are intended to secure the company’s long-term stability and growth.