Thread regarding Allstate Corp. layoffs

I would like to welcome the Home Office Advertising dept. to this chat group! It is so nice to have you. After your nice glass of Northbrook Cool-Aid, I would suggest getting the dust off your resume. Flo is coming town and she is bringing her en--a with her! BTW there are probably a few people drinking Dom with all the cash they are saving by the dismissal of Mr. Haysbert!

@Stock Market Genius-Allstate Stock price has rocked it out the past 9 months. Any mo--n chimpanzee could have shown substantial profits in an auto market where no one drove for a better part of a year. Moreover, cutting 10% of the work force helped the bottom line. Smell the coffee! The party is over. People are driving again and Wilson’s grand plan of taking on all of this non-standard auto business is going to make him cr-p in his pa----s when he sees the loss ratio climb through the roof. Mix in an under staffed claims department and the new claimed folks that drive an elephant to work, is a recipe for disaster! Oh by the way, you can kiss a ton existing business goodbye that will be lost from all the Ex-Allstate agents that Glenn Shapiro urinated on.

The Wolf 🐺 checking in here. This post could not be more correct. I change many customers from Allstate to Progressive. Progressive has a great auto product. However, the Progressive home product is not as strong as Allstate’s home policy. If Progressive were to buy Allstate they can fix their Broken Auto line of insurance. Moreover, Progressive could be the beneficiary of Allstate’s last bit of industry expertise by swooping up their home product.

Progressive would then sunset Allstate BOD’s and leadership. The merger would mean an end to for the broker dealer and the id--ts in the commercial division. When this transaction happens, Progressive will be the largest insurance company in the United States with $95 BILLION in written premium. Tricia Griffith could easily handle this transaction and lead the organization. There really is no need or place for for anyone from Allstate mangement.

Clearly they are doing something right- stock up over 3 per share today.

@ket- I couldn't agree with you more. AND I think it is human nature to want to protect yourself from harmful thoughts or events and that is why a lot of people are in denial of the many and various signs that are pretty much spelling out the fact that the company is going to merge or be acquisitioned in the next few years. It seems to me that these are the moves that companies make when the execs and board members are looking to cash out. Cut everything you can for short term profit and to he-l with the future consequences of what you are doing. As long as the numbers on paper are attractive to the buyer who cares the long term damage done to Brand, employee morale/loyalty and business operations because you will be on your private island sipping on Margarita when the S- hits the fan. OR the buyer will just piecemeal the company and get rid of the troubled areas and incorporate the profitable ones into their business. In any case, Gordon Gecko... em, I mean Carl Ichan didn't become a major shareholder to come in and "Fix" anything, he's here to help the process of selling move along.

No need for the Allstate Man with FLO coming to town!

Maybe Haysbert's exit doesn't point to a corporate sale - but all the other point do !

The contract was a LOT more than $4M. Transformative growth is all about reducing expenses to offer a cheaper product and moving to online to do that. That actor and his team were notoriously difficult to work with and placed strict limitations on using his image online. He’s been brushed to the wayside in recent years with Mayhem and other actors like Quaid and Fey and nobodies who don’t ask for an annual contract to appear in one commercial. The contract should’ve been cut years ago. Doesn’t mean Allstate is for sale.

Very valid points - hard to figure what's in the minds of these management buffoons we have these days...