The strategy

People, you have to realize that this is a strategy that AIG initiated several years ago and has continued to ramp up. It isn't getting better and will not get better for the foreseeable future.

We have witnessed AIG shrink from an employee base of 50,000 plus to where we are today which I believe is around 30,000 plus employees. Executives figured out that paying you for your years of service may be the morally correct thing to do, but it is bloody expensive. It impacts executive bonuses.

So how do you get rid of people without paying packages? You stifle their career progression, you promote based on nepotism, you let inflation eat at their life style year after year, you don't replace positions that leave you just increase workloads for those who stay. You reserve high paying positions, stock options and exit packages for the "top talent". Yes, you basically wait out the non-executives or outsource them to third parties.

That is the game, you see it happening. You know it is happening, yet you stay and expect something different? It isn't going to change. If your current role is all you ever aspire to be then keep your head down and shut up. Maybe you can skate by. If you ever want more for your life then you need to leave. It is really very simple, yet so many on this post think they are going to change AIG. It isn't going to happen. They are prepared to wait for you to leave and if they need you to leave quicker they will sell you to another company. The chances of you getting a package are slim to none in the new AIG.

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If you left AIG 7 years ago, why are you even on here?

I go in the office because I have to. Do what I need to do. Take my hour lunch outside. Leave at 5.
Taking all my PTO whenever it is most convenient for me. I leave me out of office and don’t respond to anything to I get back. I have no backup anymore and I don’t care if things don’t get done when they want.

I believe L&R is taking 12k over. So 18k left?

Now AIG only have around 30k employees. I’m curious to see how many left after the L&R separation.

AIG had 116,000 or so employees when I joined in 2003. When I left 7 years ago it was down to around 65,000, give or take.

AIG could be a company in sequel to GoodFellas. Instead of burning down a restaurant , use financial engineering to milk an insurance company, use fraudulent accounting to cover up bad risk profile, and outright lie to its employees.

The OP is soy on. AIG 200 really meant take care of the top 200 of Pete’s friends…

As far as the post about BD, they say never trust someone older than 40 with a mustache….

Fantastic post and great comments. You get it. So don’t let them burn you out anymore. Now that I must go to office, I decline late meetings and eat lunch at my desk. I ignore requests unless they come from my manager, and don’t answer my phone at all. Will continue to do so until I find my out.

BD slipped silently off into the night with his $100,000,000 plus. No one even talks about him anymore.

This is a serious question, not hypothetical: For anyone who wants to defend AIG or BD, What did AIG get for that massive investment? Please help me understand. Or was it just one of the biggest con jobs in the history of insurance?

Don’t forget about all the “value” that this bring to the “stakeholders”; which is pretty much everyone except the employee. So why bother putting in more time than required, even if your manager is “watching” in the office.
Come in when you are supposed to and leave when it is time. Decline those lunch meetings, Take your lunch, take your vacation, take your smoke and or coffee breaks.
Also be sure to ask for anything that you can to make your job easier, they have the money now.

Old Petey now has an extra $2 Billion from the Corebridge ipo to prop up quarterly results, buy back more stock and increase executive bonuses. That should give him another year or two to loot the coffer before he moves on.

They celebrate every time they access AIG assets like you, the employee, should be very excited. Meanwhile you, the employee, just watched your friends get layed off or shipped offshore so execs can reward themselves.

What an exciting milestone! I am so happy you get to put a new movie theater in your mansion Petey. You are the best.

We once had 70k+ employees....the once great Titanic

AIG is about a handful of execs getting paid to ride off into the sunset. Everyone one else is collateral damage. If you understand and accept that then everything that happens here makes much more sense.

Thread regarding AIG (American Intl Group Inc.) layoffs

The strategy

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