Thread regarding AIG (American Intl Group Inc.) layoffs

RIF'S SCHEDULED FOR END OF JUNE

I just heard from a reliable source that there is a plan in place to RIF a large number of employees at the end of June. I am not sure where or what departments. Has anyone else heard this?

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Post ID: @OP+14PUokAc

19 replies (most recent on top)

Of course. Did you really think rifs would ever end? Anyway they mentioned AIG today on TV the governor said how they spent the money on the executives after 2008 and companies should not get bailed out now if they're going to pay dividends, buy back stock, enriche Executives pockets and lay off workers. totally agree

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Post ID: @dvrl+14PUokAc

Next round of RIFS the week of June 8th, after that the week of September 14th. HR is starting the process of getting documentation together for the June round now.

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Post ID: @dfrt+14PUokAc

BD said we hired all this talent at the executive level, yet we keep hiring over priced management consultants like ACC, EY, etc., etc.

There will be RIFs, but AIG usually doesn’t do all at once, so they don’t have to file a WARN notice with the state on NY. They may start up in June, but they can blame COVID for their incompetence for bad 2nd qtr results. They probably want to save some RIFs for 3rd and 4th qtr when they won’t be able to hide behind the excuse of COVID. As the virus becomes less of an issue, expect RIFs to ramp up

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Post ID: @dqww+14PUokAc

Tech will get hit hard. Including employees working on strategic stuff. Unsure whether HR has everything in place to do all at once.

It's OK everyone, Accenture will get paid, just like our newly hired IT leadership who are Accenture alumni.

Slow clap.

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Post ID: @8hbr+14PUokAc

Ahhhh...good old fuzzy math....lets see....50% of all of AIG would be around 25k....not seeing that.
50% of a specific unit that has 40 people....is 20.....I suspect the latter is a more accurate picture.
Bottom line, I agree that large layoffs are coming soon...not sure that it will be over 10k....IMO.

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Post ID: @7sjr+14PUokAc

I actually heard there would be a 50% reduction in staff. Now I don't know if that is all of AIG or if it's the Line Of Business I work in. But I heard from several people not connected. Some said a major RIF with up to 50% staff reduction in some units. It appears to be a large number and I heard it would begin in the latter part of June. Who knows, but I do believe there will be a big RIF towards the end of June.

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Post ID: @7gon+14PUokAc

I wish there was a 50% chance that I would be riffed in june, but that would be to good to be true.

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Post ID: @7asw+14PUokAc

LOL! 50%?!?!?!?! Troll much? You got greedy.

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Post ID: @7jhi+14PUokAc

50% sounds very very large. How reliable is your source?

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Post ID: @7qlx+14PUokAc

I heard that there will be up to 50% of the entire company RIF'd at the end of June. Not sure if it's starting in June or all at once.

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Post ID: @7vcw+14PUokAc

Large layoffs are coming for sure in IT. I just read a "Corporate Speak" email talking about the transition planning is currently under way. This is after working with HR and external advisors.
Time to move on.

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Post ID: @6gic+14PUokAc

IT will get hit again hard. Already discussing how to do knowledge transfer to Indian or Filipino replacements making 20 one fifth of US workers.

So plan on future help coming from folks with bad English skills.

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Post ID: @5xen+14PUokAc

They should layoff EARLIER... right now people get stimulus payments and extra benefits. Doing it later, employees get nothing.

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Post ID: @2zjl+14PUokAc

Aig has space in 3 metro NY locations 2021 per NY post article.

“Meanwhile, AIG — which sold 175 Water St. and faces a lease expiration at 80 Pine St. — is forging ahead to lease more than 200,000 square feet at 28 Liberty St. and the same amount of space at 30 Hudson St., the Goldman Sachs-owned tower, in Jersey City.”

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Post ID: @2hij+14PUokAc

The new office in Midtown Manhattan is a good chunk smaller than 175 Water. Hundreds of people in NYC need to be cut in order to fit into the new space, especially now that the pandemic is calling open plan offices into question.

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Post ID: @2kzj+14PUokAc

Yes I believe all lines of business including Worker's Compensation as well as MMS. That would also include Client Engagement. They will do this swiftly and blame Covid 19 when really it was poor leadership

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Post ID: @1vqa+14PUokAc

Nothing directly, but the two top dogs are promising $1B in savings by the end of 2022. That means a reduction in 5,000 to 10,0000 people. Probably closer to the 10k. Just so the Execs can loot the company and pay themselves huge packages and do nothing except what overpaid consultants tell them to do that have no clue on how to execute anything, much less a complicated company like AIG

Next time you are on a call with 5 people, 1 on you will be gone within 2 years or less

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Post ID: @prj+14PUokAc

Nothing directly, but the two top dogs are promising $1B in savings by the end of 2022. That means a reduction in 5,000 to 10,0000 people. Probably closer to the 10k. Just so the Execs can loot the company and pay themselves huge packages and do nothing except what overpaid consultants tell them to do that have no clue on how to execute anything, much less a complicated company like AIG

Next time you are on a call with 5 people, 1 on you will be gone within 2 years or less

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Post ID: @jfz+14PUokAc

Anyone hear updates on specific departments as seems Workman comp is super slow all over the board. Any updates on MMS?

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Post ID: @qbb+14PUokAc

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