Layoffs are reportedly needed to cut expense at AIG, but they are looking at the wrong people. They need more customer service, underwriters, adjusters, programmers, analysts, etc. and less super-expensive execs. There must be 20 CEOs at AIG today. Get rid of five of them and, according to this article, you could have about 1500 more people servicing customers, writing business and paying claims. http://www.dailymail.co.uk/news/article-6068925/CEOs-312-1-earned-average-employees-2017-analysis-shows.html
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It would be great if AIG were bought and broken up. It makes you wonder if some of that is in the works. Some portions of this company could be saved if that were to happen. Under the new leadership we have now, they are compiling things together, That's not working or at least it hasn't since BD and his new team have taken on this approach.
Their used to be a time when AIG would be buying other companies. Look at them now. They have not made a profit for years and the excuses keep on coming. Now they are saying by year end or the beginning of 2019. When they come up short again what will the excuse be . I would not be surprised if someone bought AIG and broke them up. The new CEO makes 43 million per year. What more can I say.
I have a Manager that has traveled to other Service Centers in the country and has gone just to go when one of the team members was the one at the Service Center doing the work. Got this Manager miles on car, air fare,food etc. Didn't really help with any events through out the country or the Managers territory, but just went to be there. I know the travel amount was a lot billed to AIG. This has continued until just recently. But I can imagine that the amount this territory manager billed in Travel could have saved a job or 2 of the workers.
Trezza gave notice. Moving back to Florida.
They need to have layoffs to support the top heavy Senior Management
The managers do pretend that they do your work. I have never worked for a company before this one where I felt my manager was competing with me vs. mentoring me. It got to the point where I didn't want to confide my success to the manager.
You know what the manager/director is doing but do you think that's what they put down in their status reports? They probably put down that they do all the work and that is what is presented to senior management and to the consulting firm that will look at job responsibilities & decide who can be let go. Survival of the fittest or in this case the business smooth talkers who know the right butt to kiss.
KC SS, in one small office, 2 directors and 2 managers. Why? 2 managers sit in office all day talking ,one director goes outside and smokes all day, the other left is the only one who acts like a manager and could run the whole department. So, again, I ask, why there needs to be 4 top heavys in a building that is almost empty?
Sr Executives are much more skilled and productive than routine everyday employees.? Who makes the SR Executives succeed? They depend on the underlying staff to pull off the impossible knowing that the only credit will go to the Sr Executive! When things go bad, who takes the hit? The "routine" employees are the life blood of AIG! If the Sr Executives were so successful and productive, then AIG would not be in this mess!
So will there be a suit against the Board of Directors? How can they explain comparing AIGs expense ratio to Chubb’s, citing the need for expense reduction aka reduction in force when the executive leadership team at Chubb’s total compensation is $44m compared to AIGs $100m. I’m not C suite but i think I just found the company $57m a year in expense reduction. But no lay off employees makes $100k who have Hines and families and have been loyal.
So are we still looking for more cuts more layoffs state side KC SS management is in my opinion arrogant playing favorites the number of women v men managing here is staggering & from what we know about Joe Trezza the DIr Of Ops he’s a hatchet man told us he had shut down some center in maybe Bogota Columbia oh that’s great for morale and he doesn’t have a home in KC seems he’s not in this for the long term not many town hall type meetings here & whenever anyone comes from NY it’s always someone new like most recenty Vidovich’s visit things are somewhat tense & many feel the threat of cuts losing jobs to Manila Project 2020 so we are bracing for the worst maybe we will be spaired for now but most believe our jobs are goIng overseas what might be known about any of this information comments ideas certainly appreciated 👌
I did the stats on Dupperrault's compensation as it relates to the average AIG employee (I am in a position that has access to TDC) and it is 431x, more than 100x the US average for a CEO. And all I see this company doing since his assuming the helm is saying they're cutting expenses (through outsourcing to mostly countries that are increasing run rates by requiring 2-4x the time to produce the same outcome as US employees do) and lay-offs. This lay off was supposed to have targeted our bloated senior leadership and, instead, WE ARE CREATING MORE LAYERS OF FAT AT THE TOP.
AIG isn't walking their talk, for sure, and it insults our intelligence for it be suggested otherwise
There was a time when Peter Hancock then the CEO was being pushed by investor mogul Carl Ichan to break up AIG into 3 segments Life Mortagage & P&C Hancock was forced out now on comes BD who’s already been successful in his career & could be sipping margaritas in the Caymans so is the underlying factor still there as it was when Hancock was in charge or is there a new objective investors want to see happen any thoughts thanks 🙏
I was initially very encouraged when BD took over but now I am wondering about the direction of the company. I think the initial feeling was that turning AIG around would be relatively easy but that is obviously not the case. Hiring multi million dollar executives and then laying off people that actually work and make a whole lot less doesn’t sound like a good business plan to me.
You know I have often wondered why a man of 70 would take over the reigns of a company such as AIG BD may have some really fine qualities but in reading a previous post on this thread he’s old school in his methodology his thinkIng his ideas & direction as I read the post that said basically leftover anxiety from previous layoffs I was somewhat baffled as on another thread someone with ‘inside solid sources’ said layoffs were coming this to offset losses or poor quarterly results so it does seem that something is ‘afoot’ as the old adage goes we shall see what transpires keep us informed whenever possible thanks 🙏
When 70 year old runs a company with old school thinking, this is what happens. He wants to fix the core and have decentralized .org. This is how AIG got in trouble before and will continue to be making same mistakes. Best option is to split the company and self off GI.
Agreed! AIG has always been top heavy.