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L&G puts 600 jobs at risk following savings restructure

Legal & General has put 600 jobs at risk following a restructure of its savings and protection businesses.

The restructure, which was announced in June, saw the savings and annuities and protection arms merged to form Legal & General Assurance Society.

An L&G spokesman confirms 600 jobs within LGAS are now at risk as a result of the merger.

He says: “We have entered in consultation with employee representatives and Unite in relation to potential redundancies in Legal & General Assurance Society. 

“We aim to keep redundancies down to a minimum and provide redeployment in L&G where possible.

“The LGAS business division was formed in July to enable L&G to provide better goods and service propositions to our customers. The potential redundancies are a result of combining and restructuring the business units in the new division.”

Unite national officer Dominic Hook says: “The union is dismayed at this announcement from LGAS, which signals yet more job losses within financial services at a time when most employers are making large profits.

”We are continuing discussions with the company through formal consultations and will work on our members’ behalf to mitigate the need for compulsory redundancies.”



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