Legal & General to cut 1,000 jobs

According to reports, British insurer Legal & General plans to cut 1,000 jobs by the middle of next year. The company has informed staff of a voluntary redundancy program aiming to reduce its workforce by about 10%.

CEO António Simões is looking to create a leaner organization, according to the reports.

Last year, Legal & General sold its US insurance entity, Legal & General America, to Japanese life insurer Meiji Yasuda for an equity value of $2.3 billion.