Doubt that it is a coincidence ....think about it if earnings are being released they will either be good or bad.... if they are bad laying off thousands will probably not placate the market but it if they are good Allstate will look like s**t .... management is k–ling it
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The beatings will continue until morale improves.
And despite the good results they decimate us like the Romans would punishing a village ... I am proud of our results at Allstate and they do this?
Allstate earnings are going to Rock The House on 08/04/2020. Earnings are going to be good because Allstate had a relatively mild start to the tropical storm season. May cats were very good. Despite the Covid-19 shelter in place paybacks, Allstate printed money during the period where their customers were driving way less. Auto Claims were down during the period. The realization of the 10% commission cuts to agents revenue will have a much bigger impact in the second quarter margins. Millions of dollars were freed up also by the cuts the company by canceling agent recognition trips for the year 2020. The shareholders will be very happy with TW and GS course they have set this ship on.
The hatchet has already fallen onto the Phase 1 folks. I think a decrease in employee morale will def be reflected in the earning report to a small degree but I can assure you some of us already have our DATE.
https://www.yahoo.com/entertainment/abigail-disney-tweetstorm-targets-c-132722692.html
Mr Wilson should look in the mirror and read this article. “the last two decades prioritizing ‘efficiency and productivity’ in the form of smaller staffs doing the same amount of work.” Sound familiar? do the upper management, who called for companies to pay employees more have any idea what it is like to stand in a breadline or seek welfare? Of course not because even management who have been riffed are getting golden handshakes
Shareholders always love layoffs. Cutting costs always look good if you're not sticking around for the long haul.