Have you heard anything about potential MetLife Layoffs 2020? Any news or rumors?
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They closed their doors in Tulsa Oklahoma worked for the company for many years their presence in US has been consolidated to their main campus in Cary NC leaving hundreds without jobs. No offer to help relocate. The severance package based on contributions etc to the company was pitiful not taking into consideration the individuals contribution. I however will not miss the abuse they expected us to just sit and take day after day if you went to HR about anything up to and including dishonesty from supervisors and managers you were black listed and passed over. I will not miss anything to do with the company.
I stand corrected. (but my GF did not receive Khalaf email).
Meaning of email: At the moment Khalaf sent email he was not technically in discussions with any potential buyers. Doesn't say that he was not previously in discussion or that he will not be in the future.
That said, EMEA is Khalaf's baby, and he probably does not want to sell it. At least, not cheaply.
Whether EMEA produces dividends or not isn't the criteria for a sale. Really, it comes down to 1) is the business more valuable to MetLife than to a buyer? (and Generali might not be the only suitor) and 2) does MetLife believe that it can substantially grow the business. There is a third, self imposed constraint – the unit costs savings that MetLife promised to investors. If the EMEA business isn't large enough, then it is hard to get unit costs down. MetLife is going to satisfy that public promise at nearly any cost. So, it might make sense to sell units where MetLife can't sell enough policy volume at a profitable price to achieve economies of scale.
So, email not withstanding, my bet is that MetLife sells at least some of the European business within the next 18 months.
Text from email received: "MetLife has a unique and attractive franchise in Europe. Our businesses spanning 16 markets are a meaningful source of dividends to the enterprise, helping to drive free cash flow and shareholder value. As you would expect of a well-performing franchise, MetLife receives inquiries and expressions of interest in these businesses from time to time.
I can confirm that MetLife is not in discussions with any party regarding the sale of our businesses in Europe. MetLife believes its businesses in Europe – and in EMEA more broadly – are an important part of our portfolio."
i just got hired so hopefully not !
GF says no mail from Khalaf either.
Post that says so is just camel trader talk to manipulate the price higher.
Won't be surprised if a deal closes December 31.
I received no email from Khalaf?
Peculiar that these stories appear in press, if there isn't something behind them.
Who all received the email? Can you post an excerpt? Unusual for CEO's to send out denials to press stories.
CEO plans can change in a second, if the price is right. Plus, who knows what they mean by "plans"? Maybe that means, "nothing written in the plan book, but if the right offer comes in, sure, we'll sell".
Well we all received an email from Khalaf stating there are no plans to sell off any parts of the EMEA business. I guess we're safe for another 5-10 years
@7iqk, that is big news.
Likely true, since stories like this since in press from May, but who talks to press about such things?
In most corps, it's tightly controlled and everyone involved is under NDA.
So, maybe this is an intentional leak from the very highest levels to gain some advantage. But what?
Cant' see that Met gains. Generali gains if Met shareholders favor the sale and put pressure on management to sell.
Agree this could result in Met reductions. This could be transfers of people to Generali or post sale reductions in force. Either way could be favorable to Met's "unit cost initiative".
If this is real, seems reasonable to close by year end.
The working environment has become so deliberately toxic to push people out the door.
I hope we will not have layoffs. Do not trust rumors.