I agree that the environment is toxic with the fear of layoffs in many areas of AIG. Brian has been with the firm for more than 1.5 years and the stock went down more than 20%, when the S&P went up more than 10%. Seriously, where is the accountability?
He is an industry veteran and seems like a good person for sure, but I am so disappointed in the double standards he and his people are applying to everyone else in the company. For example, I totally get that we need to do a much better job at managing our expenses - our expense ratio is just not sustainable and out of whack compared to our competitors. But the first thing peter zaffino did when he joined the company is to completely renovate the 24th floor of 175 water to make it a “GI executive floor” (the floor was more than fine before renovation). How much money did he spend on that? And how much new business did the new floor bring in? When they are firing people left and right, the executives and so-called senior leaders in the company are still flying on business class and driven around in company cars, when they tell their employees to stop traveling and find “opportunities for efficiency”, i.e. more people to lay off. Stop talking the talk. Leaders need to walk the talk. I am not so optimistic about this company’s future.
All the new people think they have some kind of magic wand. Listen - all the low hanging fruit stuff have been done already. The new people think they can somehow bring in better business and fix what we have. We are in a soft market and not getting enough rates. And I am sure our competitors are not going to stand still when aig tries to take business away from them.
I reposted this from another thread, @VKRkfdJ-1zaf . The OP is 100% right, so I think that it needs to be more visible.