Thread regarding AIG (American Intl Group Inc.) layoffs

AIG Earning Report Nov 1st What will the number be

Today's the date for earnings report. Work hard so BD and team get their bonus. They will need to RIF more in the future to make earnings but we understand. We are a family and will sacrifice for management. Work, Work, Work!

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Post ID: @OP+11OpGwen

16 replies (most recent on top)

Will next week be the time for BIG RIFs. They need to cut quickly to help make numbers by year-end. What do you think.

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Post ID: @5mxa+11OpGwen

Fine. Waiting on a RIF. Interviewing now.

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Post ID: @5rwc+11OpGwen

Next year’s bonus is a membership to the jelly of the month club. It’s the gift that keeps on giving the whole year.

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Post ID: @4qyx+11OpGwen

It's comming. They just like to wait for Thanksgiving so they can tell the rest of the remaining employees to be thankfull they have a job.

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Post ID: @3ebx+11OpGwen

Stock is up 1.16 they must have closed a branch today and RIf a few. Any news.

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Post ID: @3dsu+11OpGwen

3rd quarter Negative Surprise on Earning. Will this mean they need to cut cost even more. RIF and get out of non-profit divisions. We will seeeeeeee

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Post ID: @3wtn+11OpGwen

Management has spoken. No matter how much AIG makes or doesn't make in a given quarter they will continue to RIF and make AIG a miserable company to work for. Low Morale= Less Productivity.

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Post ID: @2hgv+11OpGwen

It is all about Earning people! Negative Surprise will not cut it. We will have to do more with less to get the stock up so management can get their big bonus. We are a family so work work work. Let's never have a Negative Surprise on the Stock earning again. Work Hard and be Proud to be part of a fine company.

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Post ID: @2fin+11OpGwen

Meanwhile, the employees in the trenches suffer as less workers, more work, being told to just get it done or leave by middle management that is getting their directions from upper management, many of whom have not seen the ball since kick off 15 years ago.

All the new upper management.......if they are so good, why did their old companies let them leave?

More work, static pay, workers being constantly pushed — at least in my department——under staffed........sounds like a HOSTILE WORK ENVIRONMENT to me..........

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Post ID: @2pgl+11OpGwen

Cost Cutting of any type includes RIFs. Make $ the old fashioned way with revenue growth and diversification. Pretty much what AIG did until 11-12 years ago. Management has a hangover from the September 2008 debacle and the bailout. Most people I know wish they had gone Chapter 11. It would have been much simpler. Their actions appear to blame the employees for their stupidity. Insurance 101: Know the risk and have reserves to back up a claim.. They did neither. A lot of good people have been RIF'd in the last decade. AIG is motivated by greed. I have no confidence in this company.

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Post ID: @1wno+11OpGwen

Do Worry, Be Happy! Unemployment is at 3.6%. You can find another job

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Post ID: @1nzi+11OpGwen

To Post ID: @11OpGwen-tbh doesn't cost cutting include RIF's

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Post ID: @1eed+11OpGwen

Wall Street takes a dim view on cost cutting to make a profit. The results today assure a RIF within 2 weeks. At least the economy is doing well. Better than 10 years ago.

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Post ID: @tbh+11OpGwen

AIG Stock is up 63 cents. What a bonus.

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Post ID: @acd+11OpGwen

What a GREAT management team guiding us to a profitable quarter. We will have to continue to cut staff to make it a GREAT YEAR overall. I know everyone understand this move. So work hard and wait for your RIF.

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Post ID: @pia+11OpGwen

Well done team. A Profit! Stock down $2.00

AIG Swings to Profit, as Catastrophes Take a Smaller Toll
6:45 am ET November 1, 2019 (Dow Jones) Print

By Leslie Scism

Global insurer American International Group Inc. swung to a profit in third-quarter net income, as catastrophes took significantly less of a bite out of earnings than the year before.

AIG's flagship business of selling property-casualty insurance to companies world-wide gained more ground in its multiyear turnaround effort. The unit managed to post a profit, even as Asian typhoons and some other costly weather events marred results. It was the third consecutive quarter of improvement for AIG in the basics of property-casualty insurance: selecting insurance risks that can be properly priced to make money.

The New York company posted overall net profit of $648 million, reversing a year-earlier loss of $1.26 billion. In the year-earlier third quarter, AIG was weighed down by policyholders' claims from Asian typhoons, California mudslides and Hurricane Florence in the U.S. Southeast.

Net catastrophe losses declined to $404 million in AIG's most-recent quarter, or 45 cents a share, compared with $1.3 billion, or $1.45 a share, in the prior-year quarter.

AIG's closely watched adjusted after-tax income, which excludes items judged nonrecurring, tallied $505 million, or 56 cents a share. That is an upward swing from a loss of $301 million, or 34 cents a share, in the year-earlier quarter.

Analysts monitor such adjusted results as a measure of the health of continuing operations. The adjusted earnings were short of analysts' expectations of about $1 a share. Some of the gap reflects catastrophe claims unanticipated by analysts from the Asian typhoons.

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Post ID: @pts+11OpGwen

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