Programme will initially involve voluntary redundancies in the UK but the insurance and pensions firm will consider mandatory job cuts depending on the take-up

Legal & General plans to cut 1,000 jobs by the middle of next year, about a tenth of the British insurance and pensions firm’s workforce.

António Simões, the chief executive, is wielding the axe as part of his attempts to create a “leaner organisation” since taking over from longtime CEO Nigel Wilson in January 2024. L&G described the move as “the next stage of that transformation”.