Legal & General plans to cut 1,000 jobs by mid-2027, about a tenth of its workforce, CEO António Simões announced. The London-headquartered firm told staff that voluntary redundancies will start in the UK, with mandatory cuts possible depending on uptake, while the fund management division overseeing £1.2tn is excluded. Simões, who took over from Nigel Wilson in January 2024, has merged four businesses into three, sold assets including Cala Homes, and pledged over £5bn in shareholder returns between 2025 and 2027.

The company expects £500bn of UK pensions transactions over the next decade and about £1bn of new auto-enrolment inflows monthly.