Legal & General (L&G) is splitting its savings business in two and restructuring other parts of its L&G Assurance Society (LGAS) division ahead of the departure of the arm's chief executive John Pollock next May.
The savings business will be divided into ‘mature' and ‘digital', part of a new structure L&G said will increase "the scalability of our long-term businesses, reducing costs, and delivering enhanced value for shareholders and customers". Jackie Noakes, previously chief operating officer for LGAS and group IT director, will become managing director of the mature savings division, consisting of insured savings and with-profit businesses. Digital savings will be managed by Mike Bury. He will also continue to be responsible for Cofunds, IPS, Suffolk Life, and the new digital direct to cus...
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