You should know the company's MO by now. It's been this way since 2008. Everyone's going to work stressed out with a Target on their back thinking every day is day last. So you need to plan all along. Save money take training pay your bills off Shore up your resume start updating your LinkedIn, Network and find a different job when the pandemic breaks. Or ride it out and take the package. Fo the minimum the company is worried about the bottom line and the top Executives are greedy. same formula 7 CEOs and not going to worry about you read my lips they're not going to worry about you.
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Shame on the management, kept telling every week in the meetings no layoffs ,and we are saving by cutting infrastructure costs. Instead if they had been true, people will be prepared during this pandemic. No ethics with this company/managers.
RIFs are planned for the next 2 years. They call it AIG 200....probably really means RIF 200 people a month for 3 yrs
These RIFs were planned in 2019. Were supposed to have happened by March but were delayed.
BD and PZ truely aren't transparent.
These probably were planned for some time. This highlights how disingenuous it was to go on video and say there will no rifs.
Why not just avoid the question, like BD does on most presentations that are scripted, unless it was intentionally meant to mislead?
COVID clearly isn’t over.
The RIFs last week were actually planned for early April but die to Covid, they were delayed. These RIFs were actually planned last year but got pushed to 2020 and then COVID hit.
Watching BD talk I was looking for the strings behind him pulling his mouth open and shut. Reminded me of Weekend at Bernies.
@xvf+15rJ1jVT spot on!
Follow the chain of events here:
After the Q4 earnings report in February AIG stock began to tank well before the virus became an American issue. The market wasn't satisfied with the results of leadership after 3 plus years on the job. BD was facing serious questions about AIG and lofty exec salaries for producing very mediocre results.
Then the virus hit and created an unprecedented excuse for BD and crew. In his own words, "the biggest catastrophe in insurance history". The stock sank to all time lows during the virus peak and the compensation board meeting was quickly approaching in May. What does BD do? He starts a high road campaign to show how much AIG cares. He was quick to broadcast a $500 check to employees and no rifs until the virus is over. We will support our employees through this time because we care about you!
BD knows that if he is to ask for disproportionate compensation and approval to buy back stock to prop up exec LTI packages at the upcoming board meeting he will be asked if AIG has furloughed anyone so BD goes on video to assure everyone that they are safe, nothing to worry about.
At the board meeting, BD is specifically asked if he furloughed anyone because of COVID19. He knew he wouldn't be able to sell furloughing hundreds of people and then ask for an absurd salary for himself and his execs. Now BD could confidently proclaims NO!
Once compensation for execs got approved by the board the tone changes and rifs continue. In reality BD didn't mean no rifs until the virus was over, He meant no rifs until execs were sure their comp was approved. Now that comp is approved for execs, BD can self quarantine in Bermuda for $20M a year, eventually retire and rifs can continue. It was all a very well thought out approach. In my opinion, BD made an uncommon mistake by lying on video record, but he did mutter a disclaimer under his breath.
In the end, this regime has a history of saying the right thing so that execs, and only execs, can receive personal compensation. Once execs get paid, it is back to business as usual which generally means stagnant wages, no promotions, more work for the worker bees and great lip service from the execs.
As of today the virus is still spreading around our country and AIG will not allow employees to offices, but apparently when considering rifs, the virus was over last week? Unfortunately, in BD's eyes, the virus was over when the board approved 2020 comp for execs.
I got let go in late march so you may have been misinformed.