layoffs have been going on (continually) in Finance. Kept very quiet. I do expect layoffs in Q1 2018 given our latest quarterly results. Layoff people earlier in the year so you don't have to give them a full bonus for the year. There's little doubt... read more
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Topics regarding layoffs at AIG (American Intl Group Inc.)
The AIG-Clearwater deal spells doom for most ex-Wilton NY IT workers. The idea is to outsource the mess that Wilton executives were originally tasked with fixing (but instead they just inflated the mess.) The BPO deal will mean hundreds of cuts... read more
/ HCL and cognizant (both heavily in AIG) are being sued for hundreds of millions for their "work. After these companies sue... read more
And, folks in Asia will make salaries, bonuses. Americans will just continue to pay the bills.
What do we know so far (Disclaimer: I left in 2015)
Company needs to be leaner? Fine, rip off the band-aid but for pete's sake stop with the constant threat over everyone's head! Just had to vent - crap has been going for 10 years as if no one realizes it has destroyed any possibility of good morale... read more
I want to let you know that people are anxious and tense as they expect layoffs in corporate in NYC.
I hear the Technology groups will have a broad scale shake up in the coming days. Anyone have any details?
Anyone hear how the changes being made regarding Commercial and Personal insurance as being General Insurance is going to affect AIG? Is this change good or bad for the company?
If AIG customers knew what is going on in AIG, they would definitely question why they and their families are insured through a third-rate company, one which treats it's own employees like **** and has no concept of business operations. No one should... read more
It will take a lot of layoffs to offset these packages.
Hearing that company wanting to get rid of as many employees over age 40 as possible, anyway as wants younger staff hoping to stay current
Trying to force people to retire, also trying to fire as many people as possible. Hearing they are selling off workers compensation.
Do not expect much organizational change in 17. The dip in morale is being attributed to excessive management churn and current manage is using this excuse to defend staying put. It's unfortunate, because the new middle management of levels 5-6... read more
Sad news. Regrettably, mismanagement is the norm rather than the exception in modern business. GM, Ford, Chrysler, Bear Sterns, Bethlehem Steel and a whole boat load of other industry giants mismanaged themselves to the very brink of bankruptcy or... read more
Look for some significant house cleaning at the very top management levels...Those closest to the former CEO are the most likely to find new employment options... The new CEO's focus and direction will resonate with many stakeholders.
Heard P & C subrogation got hit back in June. Folks that were laid off got a 6 weeks notice. Anyhow, the final separation took place at the end of the month (July 2017). Not sure if there will be more cuts - there were rumors about this for a while... read more
senior people being let go today in NY.
The company is so bad, people are so sick of it, of all layoffs. It's bad for AIG, for shareholders and above all employees. Customers feel it too. Why so many layoffs? For 10 years we endured several layoffs every year, I am surprised that people... read more
They never announce layoffs. It's all done quietly and quickly. There is no formal period for staff to know their job is at risk, they just get told to go. Friends and colleagues only find out when they see an empty desk. Some local managers do give... read more
AIG has been "thinning the herd" with small layoffs, not any mass layoffs (although there was a good number laid off in May) so it's under the radar. It's bizarre that the press and the analysts who cover AIG have not commented on the loss of all... read more
Does anyone know when the next round of layoffs is coming? Seems to be too quiet. Wondering if it will be with management first. It's the middle of the year and layoffs were to continue through 2017 and I haven't hear of any recent ones?
Do you have details here? On Severance? Please share.
When you lay off the ppl who built & manage them, poorly manage the remainder until they leave on their own, run a rudderless IT shop, and have remote-working senior managers (from all over God's green earth)deciding who stays or goes, who is left to... read more
They are looking at other things too.
10 laid off claims in Florida.
Lost some good folks on our team today, more expected tomorrow.
I was laid off a year and a half ago. Morale was terrible then. It was a horrible last few years. I stuck around for the severance (as most people do). I am glad I am no longer associated with that miserable place. There are so many layers of upper... read more
Anyone hear about AIG using EXL to outsource their subrogation departments?
John Paulson’s hedge fund firm reduced its American International Group Inc. stake by more than 4 million shares in the fourth quarter.
As a former employee of 10 years it is sad to say AIG has fallen from its prior glory days. Even as AIG focus was on cost containment and savings Was a priority, the human element was lost. I know first hand as I was able to save AIG over $ 1 million... read more
Appreciate all who provide insight into the organization that otherwise wouldn't be known. Was wondering why it was lower than the 100 percent cited by Hancock in his final town hall
Short term incentive bonuses for 2016 not fully funded to cover 2017 budget shortfalls...
The new CEO will be an advocate for splitting. Each new company will stand up their own shared services model and IT. Left out in the cold will be those not closely aligned to and directly supporting a business line.
Now that a new CEO is forthcoming, there is a chance that further RIFS/layoffs will be put "on hold". There are analysts and investment firms that want to see AIG investing in TRUE insurance and underwriting talent again. Some believe it's the only... read more
The resignation/ouster of the global CIO is no surprise. He arrived years ago but was never able to capture authority. Nearly all IT decisions were made in Wilton CT -- the only work left for the global CIO was his newly founded SF office for... read more
FTC getting hit the last few days, FTE are supposedly coming the next couple of weeks.