Thread regarding AIG (American Intl Group Inc.) layoffs

In regards to @XEOoDRK-1Nmoe , you don't want a rebuttal on the bail out because you surely don't know what you are talking about. Your tax dollars weren't used. AIG paid them back at the expense of their employees. I'm sure there weren't many tears when you left. You seem to have a know it all attitude when you really know little about AIG

I wasn’t there when Hank was at the helm. I was just another tax payer flipping the bill for the bail out ... and left last year. Get over it. I don’t need a rebuttal “educating” me on how AIG paid back the government. It’s all good - you like them and I don’t.

Apparently you have no idea @XEOoDRK-1Ndef. When Hank was here it was great. It started going down after he left. I am not going to waste my time explaining to you. This was a great company with great benefits and a company that treated their employees great. It's done and was a thing of the past. Not sure how long you worked here, but if you didn't think it was great at one time, I don't know why the hell you didn't leave when Hank left or why you are even here.

Yes aware it’s not a R&D based company it was an expression of what would earn the title great. They paid millions to CEOs who didn’t earn it after the crash and by the fact it crashed - regardless if it was a “few” in London etc - shows a lack of responsibility and governess - so how is that a great company? I get it - it’s not a popular position on this site.

To @XEOoDRK-1Njcv, yes AIG was great at one time. Sorry but it's not a research company. I'm not sure you even know much about the company. Wow you are really kinda of out there. The company is an insurance company not one that would come up with a cure for AIDs or Cancer. You may want to take some basic insurance courses and then you will realize this isn't a research company but an insurance company.

AIG was NOT great... it was just an insurance company and it got c---y and tanked ... what in that makes it great????? It may have had some really great people working there but that’s all. The company has not come up with a cure for aids cancer or anything else it has not done one thing to earn the title great. Dislike this post all you want but AIG failed and hurt a lot a people in the fall. How’s that great!?

Original poster said they see the light at the end of the tunnel.....that light is a freight train with no brakes heading straight for you. It's a shell of what it once was....time to move on.

MAGA stands for:

Mighty

AIG

Goes

Away

Later.......

I wish I could believe that AIG could be made great again. They now have lots of competition in the market place for the same products we have. Senior Management thinks you can use layoffs to make the company profitable, and that is wrong. And yes they don't going get reserving right. AIG was a great company to work for when HANK was in charge. It will never be the same as it was when Hank was hear no matter what tactics these new leaders try. You have to first value your employees and stop short changing them. They are what made AIG great also.

The Time For Debate is Over

MAGA make aig good to their employees again! Ha!

BARF money does not beget honow

What does BARF mean?

-- A rookie paid at 1/1000 th of the rookie at the top

Death spiral. RIF RIP AIG. Crying shame.

AIG execs get paid in cash and stocks. The repurchase program suits their own end. Propping up the stock price without actually investing in the company. It sounds like the original post was written by BD or one of his cronies. I see a company that a I loved 15 years ago in turmoil exacerbated by terrible earnings and a goal to RIF every employee possible. Cognizant technology is their new plan to automate in the next few years.

Last comment is spot on

15 to 20 years ago AIG was the go to company for insurance. Now we are one of the last companies that people go to. This is a fact. They have lost so much upper management with experience and claims expertise they can never recover. Even the younger employees are fleeing the company due to constant threat of layoffs. You have a younger staff with little to no experience in insurance. AIG now has lots of competition in the market place for the same products we owned for years. If you think you can use layoffs to make yourself profitable you are wrong. Also when are they going to get proper reserving right. I was a 35 year vet of AIG who saw the writing just in time. AIG was a great company to work for when HANK was in charge. We use to say AIG would be the one to buy you. Now AIG could be bought by the right buyer.

AIG 10K: "We believe that our relations with our employees are satisfactory."

Clearly the management and this OP (sounds like he is management) did not read this forum's horrendous stories.

So true. Ive been saying that for years. Cant rif your way to profitability. We have no leverage in the mktplace anymore but what do i know!

PH did buybacks every quarter and it did nothing to move the needle. Now BD is following suit. And he’s dramatically shrinking the book which makes dealing with lean quarters/cat events that much more difficicult. BD has almost copied PH’s playbook to a tee. Smaller book, hand over product lines we once dominated to our competitors, lay off of our good mid-level talent and focus on GOE at any cost.

Blackboard has been around for what, 3 years now? What “avenues” of growth have they produced? What do they do at all?

There’s no vision for viable product lines or services that actually generate PROFIT. Tightening the budgets, RIFs and selling assets has been done as nauseam for a decade now. A business at some point has to actually make more money rather than celebrate that they are slowing down the bleeding. Call me crazy, but I don’t see how this quarter’s results or the town hall changed any of that.

“Barring any natural disasters...”

Credibility gone.

If BD ( hence, the reason they paid so much for him. That's why I don't trust any of them. Esp. someone making such a lame excuse for a millionaire who doesn't give a cr-p about me and hasn't demonstrated his worth.

And then all $$$ spent on promoting aig centennial with the headquarter of 175 water in the midst of all the adds... just to self slap itself by selling the only building we still own in NY ... such a joke... All this so that BD and Zaffino can move to midtown to increase expenses.. Biggest hypocrites.

Oh, so we have suddenly learned how to price risk? No natural disasters? How about our technology being so old quite a bit of it can't run on the cloud?

Must be a grade 24 or higher, they like the stock buyback because it helps their LTI.

Moving to cloud doesn't solve their underlying IT issues, and it's not always cheaper, either.

Barf here. agree and thanks for the shout out. The ruination of individuals is something some will never recover from. From feeling inadequate to shoved into job mkt at an older age to financial etc. No one owes u a job BUT no effort at all given to move folks somewhere else in co. UNLESS youre someones friend. And some of us were offered jobs at paycuts. So its not that older folks are at top pay its that theyre OLDER. And everytime u lure an old guy out of retirement to man the sinking ship, you pay thru the nose

To the person who made the original post and to this "$2B stock repurchase will ensure stockholders are happy. BD made a rookie mistake to cut the stock repurchase program the previous year. Now, he has corrected the mistaken course." BD is NOT paid to be a rookie - a $43 million bonus is not a rookie bonus - he cost many people their jobs and damaged many retirement plans just to feather his (and his friend's) rookie nest - why is this okay? It's not!!!

.........and..to the "BARF" response - well said.

Correction: nightmares should read widgitmakers

Thats right who cares now. The damage is done and compounded by revolving door of clowns. So why be proud if u turn around co thats a totally different entity. Apples and oranges. Not to mention the dishonorable way it all went down. Justified by mgmts constant retort "we have to make the hard decisions" threw baby out w bathwater. Cos rep is mud in industry. Make a bettet widget ti succeed. Dont throw away disrespect abuse or not compensate the nightmares while youre getting fat comp and abusing perks. Thats true expense mgmt. Sending jobs overseas to be "competitive?" just because other cos manage c-appy not a good example to emulate. Why not strive to set gold standard instead of taking easy way out. Calling Philippines for everything is insane. Accents hamper service. Keep kobs in America.

And we’ll sell 175 water and Rif another couple of thousand in the process... so by the time this company is profitable.. most of the folks will no longer be employed here. Oh yeah!

BARF