To Post ID: @5cen+15QIGec1 agree that it slowed down. They were actually behind on RIF's that were supposed to happen in March. Covid added to this as they had to accommodate for staff to work from home. Now things will be picking up again. If your group hasn't been hit or hasn't been hit in a long time, make sure you keep your eyes and ears open because there are more RIF's coming.
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The RIFs slowed/stopped for a few months, but seem to be ramping up again. But the “financial benefit” probably won’t be realized another Qtr or two. No clue what it means for stock.
They better no make severance package worse
To Post ID: @4cny+15QIGec1 you are so right. You are so right. I was just RIF'd and worked for over 20 years and I have never seen this company in the condition it's in right now. They have brought in Leadership to turn it around and it keeps getting worse. They keep paying new Leadership more money without strings attached so whether they perform or not, it's a big win for them. If they leave they get an unbelievable severance package. They have lost the cream of the crop.
If you want to buy the stock, go ahead I would only sell it short. I worked there until recently and have never in 25+ years seen such awful morale. One of my friend's kids started the TAP program and is having second thoughts and asked my opinion. I told the TAP to learn what they can and then leave when opoortunity arises, but to have limited expectations.
Stock can go to zero, genius. The financials are opaque at best, criminal at their worst. The RIFs will hurt, but the folks being poached will hurt much more. Folks will poach as many good people as I can from AIG. I got RIFFED and had a job in a month. The culture was negative before, now seems downright cancerous.
Post ID: @2tkk+15QIGec1 With Claims counts down, companies going out of business, non renewals...expect more RIF's. The Claims count, non renewals and lack of business was happening way before Covid. Now with Covid, it will be much worse and there will be more RIF's once the dust settles from this RIF. Word on the street is not to Insure with AIG.
Literally hundreds of policies are being straight up cancelled every day
You have to be kidding about writing profitable business. I really don't see that happening. A lot of Insured's have left and will never return. A lot aren't renewing. Who in their right mind would want to come to AIG. They have to over charge on premiums to pay for all the useless leadership.
You must be joking or a poor investor.
There is no reason to invest in this company.
No growth, leadership is not good, this site is littered with information on how awful this company has become......you must be joking....
Stock is at 28.43. Should I wait until they have more lay offs or should I buy now?
if we could get the Commercial Underwriter to write some profitable business it could be a buy. But for the past 10 years the message was put it on the books, no get off it, no stay on it, why did you write this one. Very Sad! But it can only get better so buy the stock
So is this stock a buy?
Get lost you earnings creep.
Hard to avoid losses with COVID. Not to mention the coverage litigation that's brewing all over the country.