Legal & General to Cut 1,000 Jobs in Efficiency Drive Led by CEO Simões

Legal & General plans to eliminate approximately 1,000 jobs, about 10% of its mostly UK-based workforce, as part of CEO António Simões' restructuring to reduce complexity. Staff were informed on September 23, 2026, that the voluntary redundancy program begins immediately; mandatory layoffs may follow if uptake is insufficient. The asset manager's investment division, which oversees £1.2 trillion, is excluded due to its own restructuring. Simões, who took over in 2024, has sold homebuilder Cala Group and merged asset management units, reversing predecessor Sir Nigel Wilson's housing bets. L&G shares have risen about 13% this year amid takeover speculation, which Simões has denied. The company pledged over £5 billion in shareholder returns from 2025 to 2027 and raised earnings-per-share growth guidance earlier in 2026.