Being unemployed, can someone tell me how the above will improve the company, stock price and overall position of employees. I have been to Bermuda and it is very expensive. I am sure they will have several High Level employees for several days. Please tell me what this will cost???
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Ah! The reinsurance company in Switzerland and Bermuda. Validus is what AIG is betting on their future as it applies to Risk Management. No insurance company can sustain these losses year after year. The 3rd and 4th quarter have been literal disasters for the company. Someone has to pay according to the shareholders and the BOD so why not tag the employees? My message to the employees come Friday: Don't get emotional and accept the inevitable. To AIG: You have destroyed what little morale you have left. No one is going to go beyond what is expected. I remember in 2005 listening to Hank's conference calls. You could sense the complete loyalty of those participating. God Bless all the great employees who go to work on Friday not knowing it's their last day at AIG.
Why is this so surprising when it has always been the culture of AIG since forever? https://abcnews.go.com/Blotter/story?id=5973452&page=1
Agree, with your "photo op" observation. Howeever, AIG has office in Bermuda. It is in the same building as Validus (if I am not mistaken Validus even lease(d) office space from AIG).
The Bermuda Event was a photo op and a vacation for the CEO. AIG does have a unit in Bermuda. They can afford the trip with what they save after the RIF on November 30th. I think their timing leaves a lot to be desired. The same week as the layoff? The same people who decided on the RIF?I hope they remember the employee with young kids or the older worker with kids in college.