So yesterday, after serving for only 7 months at Chartis – I was fired. I am 30, I don’t cost much, and I was doing very well. I was also overwhelmed by the amount of work – and I cannot imagine the team functioning without my position.
What is real B.S here is this company continues to allow management to act as if they are god on earth. Our last meeting in my office was with the head of specialty markets. He’d made it clear, unknowingly, that he’d flown in a private jet. He’d stated that he had wireless on his plane, which as you know isn’t common – and AIG execs aren’t on JetBlue or Virgin.
The culture at higher levels continues to be greedy and corrupt – and further, as a taxpayer – this company should be pressuring management, not firing underwriters and other revenue generating positions. I am disgusted by the layoff – and I feel isolated and humiliated. November 9th was a very sad day for me, and all the many others that were in that room with me.
Really? It’s “all good”?
Do you know anything about the mechanics of the payback – or the fact that there is no plan to pay back the TARP funds (which many companies did return even though they weren’t obligated)?
This company continues to waste massive amounts of money on a heavily thick upper management – while zipping around in their corporate jets – underwriters are being fired – that is going to result in massive loss of accounts – because they just won’t get to the submissions in a timely manner. If you’re with AIG as an insured, get ready for shitty underwriting service, slow response times, and increased rates.. They will be willing to cut your business for the rate increase, that is what this staffing reduction really says.
You sir, whoever wrote that – that claims there is nothing to see from a company that had 100’s of billions of taxpayer dollars are pathetic in your observation. Any company that tanked this hard needs to be watched almost to an excessive level.
Don’t worry, it’s all going to be just fine. The federal government will be paid back in no time. Move on with your day. There is nothing to be seen here. All is well.
Thanks, Barbrady. Reminds me of a Dilbert cartoon a while back. “We’ve decided to ‘right size’ the organization. Unfortunately, with you, we would be the wrong size. Sorry. Oh, and Happy Thanksgiving and Merry Xmas from AIG.”
Easy for you to say – just lost my underwriter in a critical renewal situation and all her intellectual capital (locked out computer)leaves me in a tough situation…
As usual, the little guy takes it in the shorts. I doubt the savings on the salaries of these people will have a significant effect on profitability. Do the mangers and executives who allowed the over-staffing to exist get penalized? Of cours not. They still get their retention bonuses. If they are serious about cutting costs, they should focus on the high ticket items like bonuses and executives who do nothing, and the almighty “severance packages” for the big wigs. You can bet your _ss the poor bastards who got laid off didn’t get one.
Having been on the “receiving end” (so to speak) of two consolidations in 6 years (April 2004 with Munich RE, April 2009 with Everest Nat’l), all I can say is the cuts won’t stop after the first round. During the second layoff I asked the HR Rep, “So, when is your layoff scheduled?”
Answer: *SILENCE* (after all, SOMEONE has stay behind and deliver the “You’re toast” message to others.)
It’s a hardship for the folks who are losing their jobs, and for those remaining in their positions; they will now have to take on additional work/responsibility!
Chubb likes to lay people off quietly right after announcing how much money the company has made recently. Then, it can make a nice big payment to McKinsey to tell them how to manage.
Well, I’m with you on everything but the rate increases part. I’ve seen Chartis, Lexington, etc. go out of their way to keep accounts and there certainly wasn’t any rate INCREASES going on. In fact the decreases were so aggressive that I’m not surprised they can’t pay the borrowed money back or be able to pay to keep workers.
Sorry to hear you got crushed in the “right sizing” after such a short period. Good luck to you in your next venture, it can only go up from here.
These rate increases will hit within 6 months and that is a prediction. You are certainly right about the current rate conditions, however id anticipate more and more pressure on underwiting profit. Lastly, yes I was AIGed…. the sarcasm you mention is hard to pick up in words. Either way, yes plenty, ad at the world…
Point well taken, Vader. I didn’t say it was a good reason, but they had a reason. Not that that’s any solace to those laid off. I hope brokers move business to carriers who actually staff their companies correctly, if there are any such carriers. They sure aren’t named Chubb or Chartis.
I’m sorry you lost your job. I lost mine almost two years ago. It’s nerve wracking. You have your youth going for you and I’m sure a lot more.
Best wishes in your search for a terrific new job!
If it any consoliation to those of you whom are being laid off I am a commercial lines insurance agent that has clients that REFUSE to do business with Chartis or AIG. They totally disagree with their business practices. There are educated consumer’s in the world. For those of you whom are being laid off, there will be better opportunities for you in your next position. Believe me, I have been there! Best of Luck to you all!
Sorry to hear about these lay-offs. Will they ever stop in this industry? For assistance with your job search, contact IPS (Insurance Personnel Service) in S.F. They can help – they’ve been around for 40+ years. 415.391.5900
Fortunately I’ve never worked for AIG. Unfortunately, I’ve had good friends who have. None of them had anything good to say about the experience. It appears to me that AIG just crunches their employees like they crunch their numbers. Not a very good corporate citizen, for sure. To those getting the axe, I hope you all find better employers than AIG…it shouldn’t be very hard (even if you were to end up at Walmart or McDonald’s).
I am too one of the ex AIG employees, and their next reduction needs to include those persons with the big titles and pay, not the lowly desk person.
i had been with the company for almost 30 yrs, and it is certainly not the company i went to work for many yrs ago, and is not a happy nor nice place to work.
there is great need to cut out the window dressing and look at those big titles and salaries for persons who are dead wood and do not do anything – and that is not an overstatement or resentment, it is fact. AIG could definately pay the goverment back sooner, probably not having to sell off more operations to do so, if they would cut where it really mattered.
yes, I will move on and for certain be a lot happier and healthier.
Good luck to those remain, and don’t ever think this will not be you, as i never did nor had any good reason to think it would.
Well said to the also former employee… In one of my recent exec meetings it was slipped that this guy was zipping around on a corporate jet… CEO maybe – but when I paid for your bailout – f u, you don’t have that right… Nor do you have the right to fire those of us with families, bills, and futures… The fat in this company can feed the next 2-3 generations in their families, and that’s just plain sad for the “average joe.” CEO pay in 1980 57x the average work. Now 517X the average worker… Problem? I’d say so.
Its amazing how they weren’t able to keep me with my little pay but yet and still they continue to waste money on Candy, Gifts, Trips, and ridiculously large amounts of pay to some executives who hardly come into work. They stay home or better yet “work from home” and enjoy the corporate cards. I had a boss send me to Duane Reade with her corporate card to get cigarettes, I don’t even smoke they only asked for my ID just to see if I was old enough to purchase them since I don’t look my age.
On May 9,a meeting request for a communication meeting. The attendees invited were all administrative staff. we got the notice over a conference call that our services were no longer need and we had 30 days to find a job internally or externally. What lousy cold way to layoff 6 people. There is life without AIG
So yesterday, after serving for only 7 months at Chartis – I was fired. I am 30, I don’t cost much, and I was doing very well. I was also overwhelmed by the amount of work – and I cannot imagine the team functioning without my position.
What is real B.S here is this company continues to allow management to act as if they are god on earth. Our last meeting in my office was with the head of specialty markets. He’d made it clear, unknowingly, that he’d flown in a private jet. He’d stated that he had wireless on his plane, which as you know isn’t common – and AIG execs aren’t on JetBlue or Virgin.
The culture at higher levels continues to be greedy and corrupt – and further, as a taxpayer – this company should be pressuring management, not firing underwriters and other revenue generating positions. I am disgusted by the layoff – and I feel isolated and humiliated. November 9th was a very sad day for me, and all the many others that were in that room with me.
Really? It’s “all good”?
Do you know anything about the mechanics of the payback – or the fact that there is no plan to pay back the TARP funds (which many companies did return even though they weren’t obligated)?
This company continues to waste massive amounts of money on a heavily thick upper management – while zipping around in their corporate jets – underwriters are being fired – that is going to result in massive loss of accounts – because they just won’t get to the submissions in a timely manner. If you’re with AIG as an insured, get ready for shitty underwriting service, slow response times, and increased rates.. They will be willing to cut your business for the rate increase, that is what this staffing reduction really says.
You sir, whoever wrote that – that claims there is nothing to see from a company that had 100’s of billions of taxpayer dollars are pathetic in your observation. Any company that tanked this hard needs to be watched almost to an excessive level.
Don’t worry, it’s all going to be just fine. The federal government will be paid back in no time. Move on with your day. There is nothing to be seen here. All is well.
Thanks, Barbrady. Reminds me of a Dilbert cartoon a while back. “We’ve decided to ‘right size’ the organization. Unfortunately, with you, we would be the wrong size. Sorry. Oh, and Happy Thanksgiving and Merry Xmas from AIG.”
Easy for you to say – just lost my underwriter in a critical renewal situation and all her intellectual capital (locked out computer)leaves me in a tough situation…
As usual, the little guy takes it in the shorts. I doubt the savings on the salaries of these people will have a significant effect on profitability. Do the mangers and executives who allowed the over-staffing to exist get penalized? Of cours not. They still get their retention bonuses. If they are serious about cutting costs, they should focus on the high ticket items like bonuses and executives who do nothing, and the almighty “severance packages” for the big wigs. You can bet your _ss the poor bastards who got laid off didn’t get one.
Having been on the “receiving end” (so to speak) of two consolidations in 6 years (April 2004 with Munich RE, April 2009 with Everest Nat’l), all I can say is the cuts won’t stop after the first round. During the second layoff I asked the HR Rep, “So, when is your layoff scheduled?”
Answer: *SILENCE* (after all, SOMEONE has stay behind and deliver the “You’re toast” message to others.)
It’s a hardship for the folks who are losing their jobs, and for those remaining in their positions; they will now have to take on additional work/responsibility!
Chubb likes to lay people off quietly right after announcing how much money the company has made recently. Then, it can make a nice big payment to McKinsey to tell them how to manage.
No, they don’t have a reason to lay off people.
I’m a broker and lost an underwriter who is handling two key accounts for me for a 1/1 renewal.
You will not see any managers take salary freezes, reductions, etc in this cost cutting.
Well, I’m with you on everything but the rate increases part. I’ve seen Chartis, Lexington, etc. go out of their way to keep accounts and there certainly wasn’t any rate INCREASES going on. In fact the decreases were so aggressive that I’m not surprised they can’t pay the borrowed money back or be able to pay to keep workers.
Sorry to hear you got crushed in the “right sizing” after such a short period. Good luck to you in your next venture, it can only go up from here.
Pretty sure the “it’s all good” comment was thick with sarcasm…but since you just got AIG-ed i can see why you’d be mad at the world right now.
These rate increases will hit within 6 months and that is a prediction. You are certainly right about the current rate conditions, however id anticipate more and more pressure on underwiting profit. Lastly, yes I was AIGed…. the sarcasm you mention is hard to pick up in words. Either way, yes plenty, ad at the world…
Point well taken, Vader. I didn’t say it was a good reason, but they had a reason. Not that that’s any solace to those laid off. I hope brokers move business to carriers who actually staff their companies correctly, if there are any such carriers. They sure aren’t named Chubb or Chartis.
I’m sorry you lost your job. I lost mine almost two years ago. It’s nerve wracking. You have your youth going for you and I’m sure a lot more.
Best wishes in your search for a terrific new job!
I heard there is a list and people in older age groups were first on the list
If it any consoliation to those of you whom are being laid off I am a commercial lines insurance agent that has clients that REFUSE to do business with Chartis or AIG. They totally disagree with their business practices. There are educated consumer’s in the world. For those of you whom are being laid off, there will be better opportunities for you in your next position. Believe me, I have been there! Best of Luck to you all!
Sorry to hear about these lay-offs. Will they ever stop in this industry? For assistance with your job search, contact IPS (Insurance Personnel Service) in S.F. They can help – they’ve been around for 40+ years. 415.391.5900
Fortunately I’ve never worked for AIG. Unfortunately, I’ve had good friends who have. None of them had anything good to say about the experience. It appears to me that AIG just crunches their employees like they crunch their numbers. Not a very good corporate citizen, for sure. To those getting the axe, I hope you all find better employers than AIG…it shouldn’t be very hard (even if you were to end up at Walmart or McDonald’s).
I am too one of the ex AIG employees, and their next reduction needs to include those persons with the big titles and pay, not the lowly desk person.
i had been with the company for almost 30 yrs, and it is certainly not the company i went to work for many yrs ago, and is not a happy nor nice place to work.
there is great need to cut out the window dressing and look at those big titles and salaries for persons who are dead wood and do not do anything – and that is not an overstatement or resentment, it is fact. AIG could definately pay the goverment back sooner, probably not having to sell off more operations to do so, if they would cut where it really mattered.
yes, I will move on and for certain be a lot happier and healthier.
Good luck to those remain, and don’t ever think this will not be you, as i never did nor had any good reason to think it would.
Well said to the also former employee… In one of my recent exec meetings it was slipped that this guy was zipping around on a corporate jet… CEO maybe – but when I paid for your bailout – f u, you don’t have that right… Nor do you have the right to fire those of us with families, bills, and futures… The fat in this company can feed the next 2-3 generations in their families, and that’s just plain sad for the “average joe.” CEO pay in 1980 57x the average work. Now 517X the average worker… Problem? I’d say so.
Its amazing how they weren’t able to keep me with my little pay but yet and still they continue to waste money on Candy, Gifts, Trips, and ridiculously large amounts of pay to some executives who hardly come into work. They stay home or better yet “work from home” and enjoy the corporate cards. I had a boss send me to Duane Reade with her corporate card to get cigarettes, I don’t even smoke they only asked for my ID just to see if I was old enough to purchase them since I don’t look my age.
On May 9,a meeting request for a communication meeting. The attendees invited were all administrative staff. we got the notice over a conference call that our services were no longer need and we had 30 days to find a job internally or externally. What lousy cold way to layoff 6 people. There is life without AIG
It’s sad, on Forbes magizine has listed AIG has the most hated company be glad your’re out of there.