British fund manager L&G to cut about 10% of workforce by mid-2027

By Reuters News

LONDON, Sept 23 (Reuters) - Legal & General LGEN.L plans to cut staff numbers by about 10%, or around 1,000 jobs, by the middle of 2027, CEO António Simões told employees on Wednesday as Britain's biggest asset manager seeks to simplify its business and improve performance.

"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," Simões said, adding that the company had become too complex over the past decade.

The company is opening a voluntary job reduction programme, but does not rule out compulsory redundancies.

A spokesperson for L&G said the changes would help the company focus investment on areas where it saw the strongest opportunities for growth, and that it would be consulting unions on the reductions.

Asset management, one of L&G's main business divisions alongside life insurance and pension-related products, will be excluded from the job cuts after going through a restructuring last year.

Simões, who became L&G CEO in early 2024, has been battling to boost performance and lift the group's share price. While the stock price is up 13% so far in 2026, the shares have underperformed rivals like Aviva AV.L and the wider market in recent years.

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