Thread regarding AIG (American Intl Group Inc.) layoffs

Today’s townhall

Any thoughts on today’s townhall. What does ‘AIG Next’ really mean and what happened to ‘AIG200’, are they the same but different names…also the townhall voice quality was terrible it kept breaking up…anyone else experienced that …

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Post ID: @OP+1q3D3gbr

34 replies (most recent on top)

To the poster who's never seen any layoffs. Like many companies, AIG "restructures" and absolutely does lay off on a regular basis. I've seen sooo many "restructures". Over recent years, AIG has done massive layoffs under the guise of "rebadging". Over 10k recently. Just do some reading. The 6k in the article are just the tip of the iceberg.

https://fortune.com/2022/07/21/aig-imploded-2008-recession-financial-crisis-turnaround-plan-6000-employees-accenture/

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Post ID: @sljz+1q3D3gbr

I don’t discount the possibility that my manager is lying to us. It would be naive to think the higher ups care about us beyond what we can bring to the Company. This is a fair point that I have considered.

To the other poster, I’m mainly on this site in case anybody has information I am not privy to - including layoff rumors contrary to what my manager mentioned, or specific bonus payout dates. You appeared not to offer any facts, rumors or rumblings, but rather diatribes about the evils of AIG 15 from years ago.

I’m not saying layoffs are not happening. I just meant that some of the analogies were distracting from actual discourse and bordering on melodrama. Apologies to offend.

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Post ID: @skam+1q3D3gbr

Post ID: @rlpm+1q3D3gbr If you've asked your L1 Manager several times if there are any Layoffs in your department and each time you've been told "No". Then why are you on this Layoff Site and for several years??? You keep saying that you've been trolling this Site for years, and for years employees have been posting about Layoffs and Mass Layoffs. Yet, you simultaneously state that you haven't seen or heard about any Layoffs at AIG. So it would seem like your job or department is secure. You also state several times that you're Not from HR. Hamlet said, "The lady doth protest too much." . Thanks AIG HR or Executive "Management". You contradict yourself several times and in so many ways.

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Post ID: @rlqj+1q3D3gbr

Post ID: @rlpm+1q3D3gb Have you considered that maybe your L1 Manager is lying to you about No layoffs in your unit and/or lying to you about other matters ?? The higher they are the better practiced Liars they are, especially the Legal Department and HR.

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Post ID: @runm+1q3D3gbr

@qeds+1q3D3gbr I was responding to the post which including references to pigs in lipstick and phrases like “ HSBC is another Sh!tShow Freak Show just like AIG. They're in the same exact Sh!tShowClub. ROTFLMFAO!”

Whoever was calling AIG pig in lipstick etc., it’s just not helpful. Not that I am defending a corporate conglomerate - in fact I don’t even like AIG all that much. But if this site is indeed for useful information then that just serves to inflame readers here. If that was somebody else (I know these are anonymous) who said this, I was wrong and apologize for the personal attack.

@rgkf+1q3D3gbr I don’t disagree with you. But I am not in a sales unit, and my direct manager is a L1 executive. We are not a sales unit. I admit I have only been here 2.5 years, but during my limited tenure we have not had layoffs. In fact, we have hired more. I have asked my manager about layoffs, who told me they don’t hear anything and that usually they do hear rumblings in years past. So while I can’t speak for the org as a whole, at least in my unit (again I am not HR), things seem stable and there is even optimism.

Finally, there do seem to be people here who no longer work at AIG flooding this board and others with inflammatory comments that lack a legitimate purpose. If we all agree that this site is beneficial for learning of rumors and even commiserating about injustices (perceived, or valid) of AIG, I don’t see how it’s useful to have former employees in here riling everybody up with fear mongering. We should be discussing facts and/or rumors based on facts, not spewing anti-AIG hate.

I should clarify again I am not HR. I don’t even like AIG that much (they could certainly pay us more and having to come into the office is silly), I just think some of the comments here are unhelpful.

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Post ID: @rlpm+1q3D3gbr

Post ID: @qaxo+1q3D3gbr There are quite a number of caveats or conditions here. Either 1) There were or are layoffs in your Unit this year and in previous years, but you just weren't aware of them occurring. 2) Your unit is somehow miraculously insulated from Layoffs or Layoffs do Not occur there. In which case, your Unit may be a revenue/sales generating Unit. Companies generally don't cut off the oxygen and blood supply. Even if you're in a revenue/sales generating Unit, Salespeople have $$$ targets and goals they must meet at a minimum. If they do Not bring home the bacon, they get Fired or Laidoff. 3) You said, "People on this board have been talking about mass layoffs at AIG for years." This Site is for that very purpose. To commiserate about the Company, work, departments, co-workers, talk about Layoffs, possible Layoffs, what led the Company to do Layoffs, etc. etc.. The fact that employees post on this Site means that AIG is doing Layoffs whether silently, meaning below WARN Notice level, or mass Layoffs. Also, the fact that AIG is holding Townhall meetings means AIG is doing more than a trickle of Layoffs because as a publicly traded Company, AIG is required by law to inform Investors and Employees about mass Layoffs and financial difficulties.

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Post ID: @rgkf+1q3D3gbr

I never said anything negative or derogatory towards AIG. Just pointing out the pot calling the kettle black. So your personal attack on my comment is baseless and incorrect.

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Post ID: @qeds+1q3D3gbr

To answer your question directly, I am on the site to learn of rumors, news, perspectives etc. relating to my employment. In the context of layoffs, I think we should discuss actual factual realities rather than simply speculating that the entire company is destined to fail.

I originally started looking at this website before I accepted the job here a few years ago, and I almost didn’t accept it because of vitriol on this site. People on this board have been talking about mass layoffs at AIG for years, and my unit has seen none. It’s possible that my unit is insulated from layoffs, but we have been hiring more people with new positions still being posted.

Your basis for the company inevitably failing is 2008, but was that not under different leadership with a different economic focus? It just seems like a lot of baseless fear mongering on this site. Can anybody verify that there have been layoffs en masse in recent months? I’ll gladly eat crow if I am mistaken.

The purpose of this very post was to discuss the town hall but it has devolved (partly because of you) into a fear mongering recitation of the 2008 financial crisis.

And again I am not HR. Just a random employee who doesn’t think the sky is falling.

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Post ID: @qaxo+1q3D3gbr

LOL! So don't listen to the doom and gloom you say...so...Mr/Ms Not HR, why are you on a website that discusses possible layoffs? That would be a little pessimistic view of the company to be looking here...no?
Maybe you have other motives?
Naaaaw.....

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Post ID: @qrac+1q3D3gbr

I’d be interested to see the age demographics of the doom and gloomers. Something tells me the dramatic ones bemoaning, even praying for, the downfall of AIG are near the ends of their careers.

And no I’m not HR, I just see AIG for what it is - just a job. If AIG fails (it won’t) I’ll just get a new job.

But I do understand that for people of a certain age demographic, this might be it for them. So for them, I hope AIG lasts long enough for y’all to retire in peace. For all others, don’t listen to the doom and gloom.

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Post ID: @qjai+1q3D3gbr

Well said. The ones that did not speak up actually left since they did not want any part of this train wreck. The ones that did speak up...like you said...they were escorted out.
This is a very odd time with this split going on.

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Post ID: @qpbe+1q3D3gbr

AIG IT is, in essence, Accenture. Therefore you are getting the quality support of offshore services for necessary support. Nobody spoke up when it was time and the board roughly 4 years ago stated it was time to get back to core AIG business and out of the IT industry. In truth, the very few leaders who didn't play along were sent packing and the rest were either absorbed or dismissed. I do wish all of you good luck in 2024. I still have a few friends at AIG and I feel for them. Business doesn't have to be ran this way, AIG just doesn't understand any other approach.

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Post ID: @qpkh+1q3D3gbr

Thanks, AIG HR ! Past is Prologue. Shareholders and Employees should care about AIG's history and past. It's what's got AIG to where it is today, doing and resorting to Layoffs to save itself from drowning and become Non-existent as well as due to AIG's perpetual endemic and systemic dysfunction as a chaotic joke circus. AIG has had almost a dozen CEOs since Maurice Greenberg in 2005. If an Employee or prospective Employee had a spotty work history, including but Not limited to tenure of Only One year per Employer over the last 15 years, AIG and most Employers will question the prospective Employee's mental and emotional stability and competency. Is the prospective Employee incompetent, lazy or even violent ??? Similarly, AIG must do the D-R-Y behaviour. Don't Repeat Yourself or your history. Sadly for Shareholders and Employees, AIG is unable or unwilling to do D-R-Y. AIG is a trainwreck waiting to happen into Non-existence! ROTFLMFAO!

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Post ID: @mdmr+1q3D3gbr

The person commenting about AIG in 2008 ruining the economy, pigs and lipstick etc. sounds totally unhinged.

Nobody cares about the history lesson. It’s not that deep. It’s just a job.

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Post ID: @mjtg+1q3D3gbr

Dude, get some help.

The obsession isn't healthy and these posts are not useful to employees coming here for current information.

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Post ID: @mjof+1q3D3gbr

Did anyone notice every one to five years AIG, AIG Next, P-I-G, or whatever it's calling itself these days, has a "New" CEO ??? This is a loud and clear sign the Company is dysfunctional, can Not be fixed, it's beyond help and hope and is simply a FUBAR chaotic carnival circus!!! Ever since former CEO Maurice Greenberg was ousted around the year 2005, P-I-G has had a "new" CEO at an average of every 2 years! This reminds me of when HSBC had a "new" General Counsel / Head Lawyer almost every year. Each GC obviously uncovered and saw signs of illegal activities in HSBC and did Not want to be the Fall Guy or Fall Girl and quit HSBC asap. Sure enough, Government and Regulatory Agencies uncovered that HSBC was engaged in and colluded with its clients in money laundering, aiding and abetting Terr0r!sts, Not reporting/filing SARS, selling toxic subprime loans, etc., etc., etc.. HSBC was ordered to pay over US$1 Billion in fines and restitution to clients and several Government and Regulatory Agencies. HSBC is another Sh!tShow Freak Show just like AIG. They're in the same exact Sh!tShowClub. ROTFLMFAO!

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Post ID: @mfol+1q3D3gbr

The main reason why AIG keeps changing its name every few years is to escape and distance itself from its sordid past and tarnished reputation when AIG caused the 2008 Global Recession and forever associated itself with the Madoff Ponzi Schemes. AIG Next, AIG 200, Corebridge, Chartis Insurance, Pinebridge, etc.. They're all the same...... Lipstick on a P-I-G ! LOL!

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Post ID: @khlf+1q3D3gbr

Don't know about AIG next, they just want to cut something else. Meanwhile IT is crumbling, lately also outlook stopped working, same with Oneclaim

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Post ID: @dfcu+1q3D3gbr

AIG's past Fvck Ups going back to the 1990s even before it caused the 2008 Global Recession laid the foundation for where AIG is today and the Layoffs. Every fiber and piece of thread that's pulled from the tapestry contributes to the AIG Potemkin Village smoke and mirrors ultimate demise.

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Post ID: @cean+1q3D3gbr

Post ID: @brjs+1q3D3gbr AIG's typical used Excuses of "Everyone else was doing it too and robbing by Bank. Why am I the one singled out?" Even if only Lehman, Goldman, etc. combined were selling toxic derivatives and subprime loans in 2008, all of those financial institutions combined would Not have caused the Economic Recession of 2008. AIG alone caused the Recession. All of this can be Googled and read by anyone who has a modicum of reading comprehension abilities. After the ouster of CEO, Maurice Hank Greenberg, the AIG House of Cards was exposed for what it was and is. It's held together with gum, saliva, Elmer's Glue (used in kindergarten arts & crafts) and paperclips. If a company's stability is dependent on only one person and that person leaves, that means the company is a Potemkin Village, smoke and mirrors, House of Cards, House of Mirrors. This aptly describes AIG as a chaotic carnival circus. AIG left the U.S. Taxpayers holding the bag! AIG may have paid back the US$183 Billion it took from the Taxpayers, but AIG's name and reputation are forever tarnished and associated with the Madoff Ponzi Schemes and the 2008 Economic Recession AIG caused !

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Post ID: @cnpt+1q3D3gbr

AIG paid back the borrowed bailout with 25 billion in interest.

Nothing singlehanded about 2009.

You need to include a lot of other companies and all the individuals abusing and misusing the subprime loan product for their get rich quick house flipping.

AIG had and has plenty of issues.

Most people are hear to discuss current issues impacting current employees.

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Post ID: @brjs+1q3D3gbr

And AIG used its balance sheet and the company itself in 2008 to create a Hedge Fund AIG Financial Products. All of this can be Googled. AIG FP's CDS' and derivatives nearly caused the entire world economy to collapse much like the 1929 Recession. Underneath the facade, the AIG House of Cards itself was discovered to be put together with glue and paperclips. The only thing that saved AIG and the world economy was the US$183 Billion bailout AIG took from U.S. Taxpayers (NOT bale out per another poster. LOL! Like a bale of hay or bale of AIG BullShi+). AIG's CEO Benmosche at the time was derided and scolded as the most out of touch CEO and King by politicians, the media and public for demanding his $100 Million salary and other extravagances from both AIG Shareholders and the U.S. Taxpayers! Hence, AIG is a P-I-G !

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Post ID: @bjrc+1q3D3gbr

Post ID: @ardu+1q3D3gbr No other company faced the backlash, protests and riots like AIG did in 2008 Both from the media and the public. Even the late night TV comedians including but Not limited to Jay Leno, Jimmy Fallon etc. ridiculed AIG because AIG DID cause and trigger the 2008 Economic Crisis and Recession. Only someone who was only born yesterday would not know this. Even the TV Show Saturday Night Live had skits on AIG every few weeks during 2008 ! ROTFLMFAO! AIG may have paid back the US$183 Billion it took from the Taxpayers, but AIG's name and reputation are forever tarnished and associated with the Madoff Ponzi Schemes and the 2008 Economic Recession AIG caused ! To this day and forever, AIG is derided as P-I-G by the media and public. AIG or whatever its "New" name is now every few years.......Corebridge, AIG Next, AIG 200, Pinebridge, Chartis Insurance.....They're all just Lipstick on a P-I-G. LOL!

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Post ID: @bnfp+1q3D3gbr

Can someone please ban @ahno+1q3D3gbr? This person is a sad individual. AIG didn’t cause the meltdown alone. AIG took the bale out and paid back more than they took. Get over yourself.

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Post ID: @ardu+1q3D3gbr

AIG Next is the same as any other AIG "new" slogan just like AIG 200, Corebridge, Pinebridge, Chartis Insurance, etc.. People seem to forget that AIG caused the Economic Crisis and Recession in 2008. AIG was vilified by the media and people worldwide, with protests and riots. AIG took US$183 Billion in taxpayer money in order for it to Not go bankrupt. The USA should have let AIG fail and saved Lehman instead! The media, journalists and protesters were appropriately calling AIG, P-I-G, AIG = Adventures in Greed. AIG went so far as to temporarily change its official name to Chartis Insurance as a euphemism to try to stem all of the backlash and protests. After 2014, the PIG changed its name back to AIG once it thought the protests and riots decreased. You can put Lipstick on a PIG, but it's STILL A PIG !

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Post ID: @ahno+1q3D3gbr

Followed quickly by replacing underwriting.

Based on actions and communication he seems to only value the executives and vendors.

Maybe he can achieve a company run only with c-level and his newly invented above c-level chairman roles.

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Post ID: @5jdn+1q3D3gbr

AiG next is a nameplate for now. Will mean more divestments, probably in the consumer areas that don’t make money. They’ll likely do a charge against q4 earnings that will represent the spend on the initiative. The young employees are confused, and the geezers just don’t really care anymore.
If PZ could replace IT with AI, he’d do so in a second.

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Post ID: @5gxo+1q3D3gbr

Yeah JR just can’t go to sleep unless he reads this page at night.

Video production is outsourced like everything else nowadays .

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Post ID: @2akb+1q3D3gbr

I love how you guys think there is a video conference streaming department in IT.

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Post ID: @1hli+1q3D3gbr

@ @1cvq+1q3D3gb

who else is surprised JR is on this site?

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Post ID: @1cse+1q3D3gbr

Exactly, streaming was very poor…IT could not handle the high number of attendees!!!

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Post ID: @1rwn+1q3D3gbr

Quality was so bad that it was hard to get the entire message. From what I was able to hear, it sounds like more cuts coming!

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Post ID: @1gcc+1q3D3gbr

My 3 thoughts are:

  1. AIG Next is the same as AIG 200, which was the same as the new AIG slogan... Just another nonsensical corporate phrase to “motivate” employees. Nobody actually cares about those d-mb corporate slogans lol.
  1. The IT was terrible. The IT at AIG has been terrible for a while. The optimist in me says maybe the new IT boss will fix things. The realist in me says, we can probably expect more IT issues over the years.
  1. The stage was very nice. Nice lights and music. This townhall seemed to have been AIG’s biggest investment of the year.

At the end of the day, most of us are just cogs in the corporate wheel. Literally none of the corporate rah-rah nonsense matters - at AIG or elsewhere.

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Post ID: @nox+1q3D3gbr

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