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Around 300 full-time workers would lose their jobs under the plans, the company stated, a move that may result in those made redundant looking for ways to earn extra money.
The remainder of those that would be affected are currently on temporary contracts, the FTSE 100-listed business said.
"L&G will keep any potential redundancies to a minimum and will try to find suitable alternative employment for staff affected," a spokesperson added.
Unite, the trade union, described the news as "disturbing", with national officer Rob MacGregor urging the company to seek an alternative to reducing the size of its workforce.
He added that the body would oppose the use of compulsory redundancies.
Those interested in stock market trading may wish to note that shares in L&G fell slightly during the morning session.
According to the organisation's website, the price had dropped 10p to 67.9p per share at 11:34 BST.
