Legal & General Assurance Society

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Birmingham, Hove, Kingswood, London
Sector
Financial / Insurance/ Estate
66 - Activities auxiliary to financial services and insurance activities
66 - Activities auxiliary to financial services and insurance activities
66 - Activities auxiliary to financial services and insurance activities
600 jobs
Number of planned job losses
Job loss
Announcement Date
15 October 2013
Employment effect (start)
15 January 2014
Foreseen end date

Description

Financial services provider Legal & General Assurance Society (LGAS), subsidiary of the London based Legal & General Group is to cut around 600 jobs.

As announced, the consultation period with the employee representatives has already been inititated and the job losses follow a merge of the group’s protection and savings divisions into the newly established LGAS in a move to improve customer oriented provision of services.

According to the sources the job cuts may take place in Birmingham, Hove, Kingswood and London.

Legal & General announced that possibly some of the redundant staff will be offered redeployment.

Unite has expressed its dismay to the job reduction plans.

Sources

  • 15 October 2013: Postonline
  • 15 October 2013: Insurance Age
  • 15 October 2013: Insurance Times

Citation

Eurofound (2013), Legal & General Assurance Society, Internal restructuring in United Kingdom, factsheet number 76017, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76017.