Legal & General Group plans to lay off 10% of its employees by the middle of next year, amounting to around 1,000 job losses, as part of a broader restructuring by Chief Executive Officer Antonio Simoes. The job cuts will initially be voluntary in the U.K. and do not include the asset management business, which oversees £1.2 trillion ($1.60 trillion) of investments and has its own restructuring plan. L&G has around 10,500 employees worldwide.