I get that they need to save money wherever they can, but to what degree can the company afford to shrink, in terms of the worker headcount,before it won’t be able to operate normally? How much small do the leadership see AIG at this point?
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Till the 43 mm is recouped until the jet is paid for and to add up all the heavy duty compensation for the at least 30 senior senior-level Executives that we have hired over the past two years plus pay for all their buddies and all their companies and all that toys and things to come with them that's how much we have to shrink
...have to RIF....well then....RIF the "overpaid" CEO and the executives in the various units bleeding cash via overpay. Let underwriting underwrite and they (Execu) need to stop blaming them for poor underwriting...let's face it..the company has a horrible reputation and the underwriters are great folks who are swimming against the tide in a tough market - CEOs decisions led to insured seeking other providers Period. - Slow burn to drive the company down. .NPW going down by half was DELIBERATE by CEO's reorg under the previous regime (if not before). ...bad bad bad but they don't care they have millions in the bank... but its all moot - the place looks like a place for has-beens to make some cash, get their friends some cash (or make sure they are set up okay)..before the crash. The outside consultant thing is a joke could see this coming from a mile away once they start getting dependence on consultants.(who lick their greedy lips s---ing AIG dry telling them what they want to hear)..and most of these hacks are hoping to jump over to the consultants onces they fly away in their golden parachute or what ever. It's so that businesses can be so mis-managed yet they can throw millions of dollars to a few. It's hard to get my head around.
NPW for commercial core went down almost half in 4 years. And expense only went down by 20% in the same period. And we are still continually hiring CEOs/external talents/paying for consultants. The cost reduction have to come from RIF.