Thread regarding AIG (American Intl Group Inc.) layoffs

Even the people on entitlement programs get cost of living increases.

What is incredible is that management will never say when the reorg is finished. What they are trying to align and where, even in a broad sense. We've been in the same reorg since Jan, and it's been what? Nine months?

People don't know if their jobs will be there next week. Lots of blaming and whining because people need some way to vent.

It's a toxic culture, and I don't understand how they have, and will continue, doing things this way.

The culture of constant layoffs has been going on for almost a decade now. Thinking expenses canbe reduced via layoffs is the exact thinking of the prior regime. And on top of that few to any non-execs receive a raise. Ever. If you’ve survived the latest RIFs the best bet is to chart out a new landing spot or start working on a side business venture. By remaining in the same role at the same salary you are actually reducing your compensation each year while making yourself less competitive in the market. And Mgr could care less.

Heard they put in stripper poles and have mirrors everywhere to blow coc--ne with those fat bonuses they got. Until you can prove me wrong I believe it.

I agree that the environment is toxic with the fear of layoffs in many areas of AIG. Brian has been with the firm for more than 1.5 years and the stock went down more than 20%, when the S&P went up more than 10%. Seriously, where is the accountability?

He is an industry veteran and seems like a good person for sure, but I am so disappointed in the double standards he and his people are applying to everyone else in the company. For example, I totally get that we need to do a much better job at managing our expenses - our expense ratio is just not sustainable and out of whack compared to our competitors. But the first thing peter zaffino did when he joined the company is to completely renovate the 24th floor of 175 water to make it a “GI executive floor” (the floor was more than fine before renovation). How much money did he spend on that? And how much new business did the new floor bring in? When they are firing people left and right, the executives and so-called senior leaders in the company are still flying on business class and driven around in company cars, when they tell their employees to stop traveling and find “opportunities for efficiency”, i.e. more people to lay off. Stop talking the talk. Leaders need to walk the talk. I am not so optimistic about this company’s future.

All the new people think they have some kind of magic wand. Listen - all the low hanging fruit stuff have been done already. The new people think they can somehow bring in better business and fix what we have. We are in a soft market and not getting enough rates. And I am sure our competitors are not going to stand still when aig tries to take business away from them.

Metlife? Stable?

https://www.thelayoff.com/metlife

If you are the one who is RIFed then become a consultant to AIG and keep billing insane hourly charges. The consultants are the only ones who are constant here. I have seen some consultants with AIG account for over 8-9 years now. 😁

If you are a survivor, then you are in a losing battle as:

1. The firm will not invest in your skillsets

2. The firm will stack you up with tons of cortisol via such fear-tactics resulting in higher medical bills for you and your family.

Best alternative in order to build a career is to go and join a growing company, that is, if you have the right skillsets. Otherwise, build the skillsets and then join another growing company or a stable insurance company such as MetLife.