Sounds like Hancock has opened letter #2 that Benmosche left for him – reorganize. Letter #3 will be to write three letters for the next CEO. Can’t wait!
Sounds to me a lot like what is currently going on with Zurich. This is a major shakeup of a company. They have needed it for a long time, particularly after the bid rigging scandal and the Sub prime mortgage mess that resulted in the $182 Billion bail out.
Agent- the people axed and their units had noting to do with the subprime mortgages and “bid rigging”
This is about a Wall Street CEO who is in over his head and is cutting heads and bodies in a last ditch effort to survive…deck chairs on the Titanic, anyone?
Linda, I was describing behavior of a company for many, many years going back to the old Maurice Greenberg days. AIG has been an arrogant bully in the insurance marketplace. There have been calls by investors like Icahn to split them into smaller entities. He may get his wish.
@Agent: Maurice (Hank) Greenberg grew AIG from a modest-sized firm into the largest American insurer, and one of the top global insurers. He grew AIG by acquisition, a laser-like focus on underwriting profits, and via a comprehensive top-down approach to managing AIG staff. Everyone at the company knew their role, and knew that Mr. Greenberg & Co. had multiple eyes and ears into daily operations.
To be perfectly candid, Mr. Greenberg’s successors cannot hold a candle to him. All of them – repeat, ALL of them – have attempted to engineer a return to market competitiveness by selling off acquired businesses, significant cost-cutting, and off-shoring of work (typically in the US) to lower-cost overseas locations.
The bottom line is that NONE of those strategies have worked. Instead, AIG has suffered an enormous brain drain, and is now dramatically constrained in its ability to keep up with competitors (again due to inane cost-cutting).
The current joke of a CEO, Peter Hancock, is a British twit. He is loud-mouthed, pompous, and completely ineffective as a leader. His strategies have thus far failed, and the company is arguably suffering more both financially and in the press.
Hey Analyst, to be perfectly candid, AIG had a culture of corruption going back 30 years. Where were the eyes and ears of Greenberg back in the bid rigging scandals with Marsh that caused so much trouble? I think they got too big and it got out of control.
Sounds like Hancock has opened letter #2 that Benmosche left for him – reorganize. Letter #3 will be to write three letters for the next CEO. Can’t wait!
Sounds to me a lot like what is currently going on with Zurich. This is a major shakeup of a company. They have needed it for a long time, particularly after the bid rigging scandal and the Sub prime mortgage mess that resulted in the $182 Billion bail out.
Agent- the people axed and their units had noting to do with the subprime mortgages and “bid rigging”
This is about a Wall Street CEO who is in over his head and is cutting heads and bodies in a last ditch effort to survive…deck chairs on the Titanic, anyone?
Linda, I was describing behavior of a company for many, many years going back to the old Maurice Greenberg days. AIG has been an arrogant bully in the insurance marketplace. There have been calls by investors like Icahn to split them into smaller entities. He may get his wish.
@Agent: Maurice (Hank) Greenberg grew AIG from a modest-sized firm into the largest American insurer, and one of the top global insurers. He grew AIG by acquisition, a laser-like focus on underwriting profits, and via a comprehensive top-down approach to managing AIG staff. Everyone at the company knew their role, and knew that Mr. Greenberg & Co. had multiple eyes and ears into daily operations.
To be perfectly candid, Mr. Greenberg’s successors cannot hold a candle to him. All of them – repeat, ALL of them – have attempted to engineer a return to market competitiveness by selling off acquired businesses, significant cost-cutting, and off-shoring of work (typically in the US) to lower-cost overseas locations.
The bottom line is that NONE of those strategies have worked. Instead, AIG has suffered an enormous brain drain, and is now dramatically constrained in its ability to keep up with competitors (again due to inane cost-cutting).
The current joke of a CEO, Peter Hancock, is a British twit. He is loud-mouthed, pompous, and completely ineffective as a leader. His strategies have thus far failed, and the company is arguably suffering more both financially and in the press.
Hey Analyst, to be perfectly candid, AIG had a culture of corruption going back 30 years. Where were the eyes and ears of Greenberg back in the bid rigging scandals with Marsh that caused so much trouble? I think they got too big and it got out of control.