Insurance and pensions giant Legal & General set to cut 1,000 jobs in bid to become ‘leaner’ business

INSURANCE and pensions giant Legal & General is preparing to cut around 1,000 jobs as it moves to become a “leaner” business. Chief executive Antonio Simoes broke the news to staff in an email on Wednesday — warning the firm had become more complicated than necessary. The proposed cuts, expected to be completed by the middle of next year, could affect one in ten employees. UK workers will initially be offered voluntary redundancy, giving staff the chance to leave with a pay-off before compulsory job losses are considered. However, employees in Legal & General’s asset management arm are not expected to be affected. The shake-up is part of a wider overhaul designed to simplify the FTSE 100 company and reduce costs. READ MORE ON JOB LOSSES Legal & General is already cutting its four main businesses down to three divisions as it attempts to streamline operations. It has also sold assets, including housebuilder Cala Homes, to sharpen its focus on insurance, pensions and investment activities. In his message to employees, Mr Simoes said different structures, processes and working practices had emerged across Legal & General over the past decade. The chief executive said this had left the business “more complex than we need to be” and argued that changes were required to deliver the company’s strategy. Most read in Money The news will spark uncertainty for hundreds of workers, despite the voluntary redundancy offer. A POOR SPORT JD SPORTS has blamed the cost-of-living squeeze for falling profits. The sportswear giant said sales slipped 0.7 per cent to £5.9billion in the six months to August 1, while adjusted pre-tax profits plunged by a fifth to £282million. Trading was especially weak in North America, its biggest market, where sales fell 1.7 per cent. UK sales fell 1.6 per cent but Asia Pacific saw more than 10 per cent growth. SHARE THE JOY MORE than 10,000 Smiths employees will get shares worth up to £400 each as the engineering firm marks its 175th anniversary. The £4.5million giveaway will be open to permanent full-time and part-time workers employed by the giant on October 30. Staff must remain with Smiths until November 2028 before taking ownership of the shares. Smiths makes specialist parts for the energy, building and aerospace industries. CULL ON WAY AT CO-OP CO-OP has confirmed job cuts after its half-year losses deepened and bosses scramble for £200million of savings. The food and funerals group posted pre-tax losses of £92million for the six months to July 4, up from £75million a year earlier. Interim chief executive Kate Allum refused to reveal how many roles would go from its workforce of 54,000. The mutual blamed weak consumer confidence and £78million in extra costs, including labour taxes. Despite the turmoil, sales rose 2.4 per cent, with food sales up 2.6 per cent — but that compared with the period in 2025 when a cyber-attack wrecked sales.