𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

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Life insurance and pensions giant Legal & General has said it expects to cut around 1,000 jobs by the middle of next year.

Boss Antonio Simoes told staff in an email on Wednesday that the company needs to “become a leaner organisation”.

The financial services giant said it will start by first offering voluntary redundancy to its UK workers, although its asset management division will not be affected.

It is understood the move will affect around a 10th of its total workforce.

The proposed cuts come amid efforts to simplify the structure of the organisation, with the group already being trimmed from four businesses into three divisions.

It also sold off some assets, such as its Cala Homes housebuilding operation.

“Over the last decade, different structures, processes and ways of working have developed across L&G, making us more complex than we need to be,” Mr Simoes told workers.

“To deliver our strategy successfully, we now need to make sure the way we work reflects the business we are becoming.”