The RIFs are real and will continue for a while, till the clueless management are able to grow the bottom line, ie revenue. The company has no strategy to grow the bottom line, at least nothing that they can articulate to the employees. They continue to RIF employees who know the business and hire new senior managers from financial institution that know nothing about insurance. They are there for the ride to collect their fat paychecks, bonus and stock options.
Meanwhile the senior manager that know the business are jumping ship and taking their business to their new employers. Look at Berkshire Hathaway's property and casualty business and the top management is from AIG and are eating AIG's breakfast. AIG employees do not buy AIG's insurance products, which should explain why the company is in a downward spiral.
2007 120000 employees - 10th largest company in the world. Mailroom CEO without a college education gets $60 million to go away
2008 120,000 employees - $180 billion US government loan to bail out banks
2016 59,000 employees - stock price $62 - Downward spiral continues, company continues to show revenues by selling of businesses. New CEO gets $40+ million to rescue company. Cyber is his biggest concerns and IT is way behind. The mantra for all AIG CEOs since 2008. Hire new Level 2 management team and their directs
Hired America's highest paid CIO for $7+ million per year. Brought in his cohorts from Kaiser Permanente and was let go after a couple of years.
Sold off all Eastern European and Latin America businesses.
2018 44,000 employees - stock price $55 - Plan to reduce expenses is working. RIFs are occurring every 3 months and revenues are going down. Need to RIF employees to reduce expenses.
2019 40,000 employees - stock price $38 - RIFs are continuing. Every 3 months RIFs will continue to reduce expenses. There is no rationale for selecting employees for RIFs. Every VP needs to give names to meet expense reduction quotas. Each VP tries to out do the other by offering up employees to "brown nose" their managers.
The employees are in a morass and can't get out of each others way. Managers and VPs lie on accomplishments to collect their annual bonus. The following year they kickoff the same initiatives that were "completed" previously, using a different initiative name with new funding.
There is much to write about a company where senior management only expect to stay around for a few years, take their money and run to another company with the AIG experience.