Thread regarding ACE-Chubb (Chubb Corp.) layoffs

Cost to match results by year end 2016

Reduction in cost to prove the takeover was justified will include a large head count reduction. ACE senior management thinks Chubb people have been coddled for too long and are overstaffed in many areas from a culture of we promote from within rather than put the most aggressive person in place wherever they may come from. By year end 2016 cost will be in line with results.

by
| 3884 views | | 14 replies (last )
Post ID: @OP+GEQKx6q

14 replies (most recent on top)

Most legacy Chubb who have been cut were given big severance packages and then went to a direct competitor for more money. Which means they got paid to take their Chubb knowledge, training, and customers to a direct competitor. You don't have to go to the Wharton School to know that this was a messed up move. Look at yesterday's news'.. AIG is growing hmmmmmmmmmmm wonder why!

by
|
Post ID: @23lmg+GEQKx6q

Yep, I'm legacy Chubb, we are in transition of learning the ace crappy systems bc they let go or fired EVERYONE!!! And after next month who was left is leaving. We had inadequate training and now are expected to be at our Chubb level of performance, after only 8 weeks of processing the work and about 3 full hours of training, it's a damn joke. I laugh everyday at this mess but it's really not funny bc I'm still stuck in it!!!

by
|
Post ID: @13lcw+GEQKx6q

And the competitors are all over the exiting talent...actually amazing to watch.

by
|
Post ID: @Ocav+GEQKx6q

Chubb UA's were told their jobs were secure. They're not. Layoffs in this category have just begun. I believe nothing from management.

by
|
Post ID: @Kpve+GEQKx6q

As a former ACE employee you haven't seen anything yet. No doubt Ace people will be on top, but even if you as a Chubb employee manages to stay, the pressure to produce will be enormous. And, don't screw up, you will experience the worst dress down you have ever experienced by "management". At this point don't think about the future, worry about today.

by
|
Post ID: @lmjg+GEQKx6q

so much for the coddling. Bye now

by
|
Post ID: @jzqs+GEQKx6q

The head hunters are feasting. Expect the drain to continue through the next two layoff rounds and expiration of the salary/title guarantees.

by
|
Post ID: @igej+GEQKx6q

With the way they are running out of the joint they won't have to worry about being coddled in the unemployment line. Good luck to those left behind in the mess the executives have made

by
|
Post ID: @hfyl+GEQKx6q

Former Chubb workers will not be coddled on the unemployment line. GOOD LUCK.

by
|
Post ID: @gpgy+GEQKx6q

Look at the level 2 management jobs, all going to ACE. The ACE management wants the Chubb results, but not the Chubb people because of the Chubb history of being soft on their average performing underwriters and claims. Claims has a great reputation, but are greatly overstaffed, thus equates to expense, which Greenberg has to get rid of the expense or the numbers do not work.

by
|
Post ID: @8trm+GEQKx6q

Synergies what a joke. They bought Chubb to get rid of the stink of the Ace name. And they have no idea what they bought or how to manage this consolidation. He bought first and is just starting to think about it. Neither side has the brains to make this happen well.

by
|
Post ID: @8hcj+GEQKx6q

Underwriters are indeed more expensive, but they actually generate revenue. I highly doubt they are looking to cut a ton of production people.

by
|
Post ID: @6yks+GEQKx6q

UAs are cheap. Underwriters are not. Expect underwriters to get cut. I'd expect more Ace UWs to be cut since they are single-line and not multiline like Chubb.

by
|
Post ID: @3nfs+GEQKx6q

I think senior management is still in the middle of figuring out what all Chubb entails, and how it is structured. I expect the hammer to drop again around Q3. While there have been some layoffs in the usual departments of IT, accounting, finance, etc, to make the synergies work they have to cut deeper. Purely based on speculation I'd say underwriting associate types and some middle management could be next to get the axe. Legacy ACE did not have UA's, nor does Chubb need as many as they have on staff now.

by
|
Post ID: @zdg+GEQKx6q

Post a reply

: