Thread regarding AIG (American Intl Group Inc.) layoffs

Voluntary Early Retirement Program (VERP)

What do you think of the email from Rose? Does that mean that if they don’t get enough volunteers they will start looking for people to retire or RIF?

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Post ID: @OP+1rZK7hCd

89 replies (most recent on top)

I took the deal not sure what this business model is to pay your top employees to work for the competition.

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Post ID: @1Etyp+1rZK7hCd

Selling CB 20% stake for 3.8B and TG for 600M do the math for the remaining CB 80% and figure out how much pirate Pete will loot by the time he is done with his term …and if that is not enough go after the little ones and rif

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Post ID: @1eovu+1rZK7hCd

How much money did Zaffino & friends make off the Corebridge sale???? How much more will they make off the Travel Guard sale? Every decision is about making money & increasing the share price! Hunan capital means nothing to them.

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Post ID: @1dtwe+1rZK7hCd

PZ has one objective right now…$500M. Nothing else matters, especially the employees. Cold hard truth. Shareholders > Long Time Employees. ‘merica!

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Post ID: @1chrx+1rZK7hCd

There will be more layoffs coming. The only strategy & goal is to get the stock price up so Zaffino & friends can make as much money as possible. Take money out of employees pockets & put it in the stockholders’.

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Post ID: @1cnoi+1rZK7hCd

Post ID: @1ayua+1rZK7hCd Good one. "Asking for a friend." LOL ! Does anyone know the Trade Secrets to how and where to get a Job that pays a minimum of $1 Million annually, fully remote if you want to be remote, only a 15 minute commute, outstanding pension benefits, outstanding medical and dental benefits, with an easy boss/manager and easy work and workload, with competent Executive leadership, and where employees Never get Laidoff??? Asking for a friend.....thanks. LOL !

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Post ID: @1bhiv+1rZK7hCd

Does anyone know if there will be further reduction in force after the verp eligible leave? Asking for a friend….

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Post ID: @1ayua+1rZK7hCd

Post ID: @yasg+1rZK7hCd Oh, you actually mean, AIG = ASYLUM for the INSANE and GREEDY, or according to Actor, Jay Leno, AIG = Adventures in GREED ! ROTFLMFAO !!!

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Post ID: @Dlzq+1rZK7hCd

The amount of knowledge that will be going out of the door is going to be insurmountable to replace. It’s not just the business knowledge and many years of experience it’s all of the intricate ways around systems and processes to get work done. It’s almost like the company has decided to hit the self destruct button.

I hope this comes to the UK. They can’t do it based on age due to discrimination laws. It would most likely be based on length of service I guess.

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Post ID: @ylrw+1rZK7hCd

I am a “younger” employee (only 2 years at AIG). Much of my department is taking the VERP. My manager said that “younger people” are going to have to step up and that they will backfill roles depending on who leaves.

It sounds to me like AIG is forcing out the older employees because they earn too much and are planning to refill the roles with younger talent that AIG can pay less.

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Post ID: @ypnn+1rZK7hCd

Yep. AIG = Associates In Greed!. God help all of us not quite eligible for VERP. The aftermath of what we will be left to work with will be worse than what it is now..and I didn't think that was possible. Already too short staffed and underfunded to keep up with volume as it is. VERP will decimate my department. Looking elsewhere as experience of last 2-3 years (out of 9+years) shows they don't care about us who already DO have the upskilling and knowledge they say they want more of.

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Post ID: @yasg+1rZK7hCd

AIG announced the VERP about a month ago. So far no word on whether Corebridge will extend a similar early retirement offer. With some recent layoffs, it seems unlikely.

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Post ID: @xavx+1rZK7hCd

With over 10 years at the company and as I am in my 50's, I qualify. I had not intended to take the VERP when it was announced but now I think if you are eligible, you should take it. I should and most likely will. AIG will very quickly become an absolute disaster. If you are eligible get out because the RIFs will be coming shortly after the VERP.

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Post ID: @wgep+1rZK7hCd

I attended a town hall last week with the new head of Lex claims. She said that the VERP was a "great opportunity" with added incentive. Although, what it feels like is that they are pushing all us old timers out the door. What surprised me was that she said they are "coming up with a plan" to deal with the aftermath. I would have thought they would have a plan already in place, but she admitted that they will be backfilling positions. I submitted my VERP application on the day the "numbers" were announced, it was a no brainer for me. I absolutely don't want to be around after the dust settles...

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Post ID: @wqjb+1rZK7hCd

Everyone in my department meets the criteria. The $50k health stipend is paid with taxes being deducted; why when health insurance is not taxed. I am a long time employee (minority) who applied for VERP as I did not want to be laid off later. I have had ups and downs with the company and have been rewarded for good performance. I just feel deflated.......

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Post ID: @umuo+1rZK7hCd

PZ cares about Accentures employees, not AIG’s.

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Post ID: @tjeb+1rZK7hCd

The most disgusting part is the redistribution of the money to the shareholders through stock buy backs & dividend hikes! Continue to cut expenses but don’t reinvest the money in employees. That creates a great culture & moral! The majority of the employees don’t own meaningful shares so why would they give two s**ts if the stock price goes up?

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Post ID: @tvdd+1rZK7hCd

These people are id--ts. How can anyone compare PZ to ace???? That’s like comparing a rolls Royce to a Honda. Most of you don’t even understand the real politics that have been going on behind the scenes. Better learn quick before it affects your job.

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Post ID: @tlsp+1rZK7hCd

I have heard quite a few in my area have applied. It will leave those of us who do not qualify in a real mess I have also heard that of those who stay, most are looking for a new job elsewhere.

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Post ID: @rgyv+1rZK7hCd

For those who are eligible have many of you applied? I don’t want to leave but I want to cover myself and apply.

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Post ID: @pika+1rZK7hCd

Post ID: @lwwg+1rZK7hCd Is a deranged, delusional, Out -of-Touch minion of PZ. Look at how much he worships PZ. He probably has an Alter at home with PZ's pictures and candles molded into PZ's likeness as well as PZ Gold Statues. Beware of False G0ds according to G0d and M0ses.

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Post ID: @pxrt+1rZK7hCd

Thanks for posting. I think anyone that;s been with AIG for a number of years understands how little value PZ places on human capital. Getting out. If you're considering AIG avoid!!!

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Post ID: @msur+1rZK7hCd

Excerpt from transcript of earnings call 5/2/24. PZ’s opening statement:

To-date, we've made meaningful progress on AIG Next across multiple work streams. In April, we announced a voluntary early retirement program available to colleagues in the United States who meet the eligibility criteria. Eligible participants will have the opportunity to accelerate their retirement from AIG with enhanced retirement benefits.

The population of eligible participants represents approximately 25% of our US workforce. About half of the eligible participants are located in the high-cost New York metropolitan area.

We are anticipating a 50% take up rate, which would result in approximately $225 million of onetime cost and a net run rate benefit of approximately $150 million after reinvestment for the skills and capabilities we need for the future. The numbers I have provided for our early retirement program are included in the total numbers I provided for AIG Next.

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Post ID: @mqrk+1rZK7hCd

I agree with the Bob Benmosche post. On saved AIG. None of us would be here without his brilliant leadership. And he was a good guy

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Post ID: @liyr+1rZK7hCd

@lwwg+1rZK7hCd Please. Do you not remember Bob Benmosche? He was by far the best CEO we ever had. Hands down better that PZ or anyone else. Sorry but we found an HR plant.

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Post ID: @laqa+1rZK7hCd

The outsourcing of IT is a joke. Takes forever to speak with someone and then they can not help. If you submit a ticket. It takes days to get a response and takes multiple people to fix anything. They close tickets without resolving issue. The outsourcing of to Accenture for items other than IT is also very lacking in understanding of our business

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Post ID: @ljro+1rZK7hCd

When reading some of these posts, one cannot help by question the poster’s experience with AIG. My experiences differ.

Peter Zaffino is by far the best CEO AIG has had since Hank Greenberg. Peter is a true Insurance CEO – he knows the business, he knows the industry and he has demonstrated to AIG’s clients that AIG is a trusted partner.

Peter assumed the leadership of a post-2008 company that had not yet sized it’s ‘overhead’ functions in proportion to its post-2008 profit generating businesses. His efforts throughout the past several years have been focused on adjusting that balance, that Combined Ratio. And, equally important, improving our underwriting through the adoption of improved risk assessment and associated pricing.

Reducing expense is rarely without some degree of pain and some degree of impact to an organization. Yes, AIG did cede a good amount of engineering and operations to a 3rd party. In observing that transition of responsibility, I would offer that the 3rd party has brought to AIG a depth of expertise to which AIG IT in the past aspired, but was unable to achieve.

Ask yourselves this, is everyone always happy with their job or their role at any employer throughout their tenure? Some perhaps yes, others perhaps not.

I have been an employee at AIG for over a score of years. I did somewhat lament the period of change between Hank and Peter. I well knew how much breadth and diversity AIG lost in selling off prize businesses. However, I stayed with the company.

I’ve for the most part always had intellectually challenging roles, roles where I could actually make a difference and roles which offered opportunity. My compensation had varied over the years – up and down, but it was fair and decent.

I will say that AIG is very much positioning itself for the future. It is evident in the technology organizations, it is evident in the business operations organizations, it is evident in how Peter is orchestrating AIG Next change. Again, we are very much seeing a ‘Hank Greenberg’ type of strategy and management in how Peter is rebuilding AIG.

Will I remain at AIG or elect the VERP? I or someone else will shortly make that determination.

Know, that I’m an older Caucasian male. One who has had a great tenure and great opportunities at AIG. I do recommend AIG as an employer.

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Post ID: @lwwg+1rZK7hCd

to Post ID: @knbj+1rZK7hCd... I agree with you 100% re: knowledge leaving and Accenture's inadequacy. AIG has never cared about its customers. It only cares about the bottom line.

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Post ID: @kmvw+1rZK7hCd

Post ID: @knbj+1rZK7hCd When NOT if the Customers suffer for AIG's outsourcing to Accenture or other vendors, the Customers WILL Leave AIG. And then AIG will finally go Bankrupt. LOL!!!

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Post ID: @kiih+1rZK7hCd

The amount of knowledge that will be leaving is staggering. Several areas will be gutted. The Accenture people do not know the complexities of our business and our customers will suffer for it

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Post ID: @knbj+1rZK7hCd

Post ID: @fwnb+1rZK7hCd How many times has AIG rebranded itself ??? Try at least 7 times in the past 15 years. It was AIG on or before the 2008 Recession AIG caused. Then is was Chartis Insurance in order to distance itself from its bad reputation as AIG-Madoff, then back to AIG. Then Pinebridge, then Corebridge, then AIG 200, then AIG Next, ad infinitum. I know I missed a few other name changes. Just keep it as AIG=Adventures in Greed according to Jay Leno, the late night TV Show host or AIG=Asylum for the Insane and Greedy. ROTFLMFAO!!! At least this way, AIG will forever be Unforgettable, like in Nat King Cole's song. ROTFLMFAO!!!

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Post ID: @htqi+1rZK7hCd

The company doesn't care about business needs, it's all about 'saving' money short term so those at the top can make money from their LTI's. We are all just a number.

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Post ID: @gznw+1rZK7hCd

Rebrand?

That would be very AIG.

Rebrand is not inexpensive.

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Post ID: @fwnb+1rZK7hCd

What will happen after these applications get approved? Will additional layoffs happen for the people that did not take the package?

Are they looking at these applications based on business needs? There are departments that the entire group might be applying to the verpa.

Also looks like the company will be rebranding itself.

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Post ID: @fkyw+1rZK7hCd

As for CB layoffs, I can't say names but, I am one of the ones that was axed. I do know there was many.

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Post ID: @fzdh+1rZK7hCd

There was a video emailed today that was helpful and answered many of the most common questions.

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Post ID: @edoq+1rZK7hCd

For the VERP, has anyone found out anything interesting regarding details of the program or is it pretty much all as stated in the documentation?

Also, can someone confirm that the payout is a lump sum is there is absolutely no way to get payment/salary continuation? Also I’m pretty sure the answer is yes but are carry over & accumulated PTO paid for or you lose it?

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Post ID: @ermo+1rZK7hCd

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