Legal and General have announced a 10% staff reduction, leaving 1000’s of employees fearing redundancy. The company has offices in Brighton and Hove, which will inevitably be affected by the cuts, with 600 employees losing their jobs across the 4 UK centres. Approximately 1500 people work in the Brighton and Hove branch, but they are yet to know the outcome of the cuts.
The main division in Brighton is the Legal and General Assurance (LGAS) department, which is where the cuts are taking place, and it is estimated that around 150 jobs will be lost. Many people have shown disappointment towards the announcement, which highlights the rising job losses in an ironically high profit making industry.
Back in July 2012 Legal and General underwent a company restructure, and it is possible that these job cuts are as a result of this restructure. The company has seen its employees fall from around 2000 to 1500 over the past few years. In 2009, they cut 1000 jobs after major business losses in 2008.
Legal and General are aiming to reduce the redundancies to as few as possible, and only make cuts where they are truly vital. Where possible, they will aim to provide redeployment.
Yet another unfortunate blow to the Brighton economy and an unnerving employment future faced by many.