— AIG is now at $31.
We will be buying business process outsourcing service from Accenture - everytime someone at ACN moves a piece of paper we get billed - granted... Very sad. The wheels have fallen off the bus, we're all gonna die, panic panic panic.
All to run the company absolutely into the ground. Messages relating to layoffs at AIG (American Intl Group Inc.) are presented below the company info. Is this a buying opportunity with the earning report around the corner? anyone else? It was a heart breaker! read more, With unexpected day off this Friday and pay day following week has anyone heard of any layoffs coming, if so what dept. BD/PZ, speaking directly to both of you because you censor and wont allow real questions during your town halls....you are a pathetic failure and a disgrace to this once respected company. — But K-12 schools aren’t on the hook legally for problems in 403(b) plans, resulting often in a poor vetting and scrutiny of plans and leaving investors to fend for themselves. Unless the top line grows dramatically, More adjusters were laid off yesterday and today in WC, Use of this website constitutes acceptance of our. Coronavirus will accelerate the RIFs and there will be little to no investment to move the company forward. Isola and many other advisors argue that annuities are rarely a wise choice for teachers in their 403(b) plans. Meanwhile, the qualified plan market has become increasingly important to annuity companies struggling with lackluster sales over the past decade or more. CFO of my business group said in early 2008 the company had limited exposure to real estate market. Yes another group bites the dust! These retirement plans were originally created in 1958 and were vehicles specifically for annuities. The RIF's are here and had begun this week. From Harvey to the wildfires of 2018, now covid and this year’s wildfires... seems like AIG might be at it’s breaking point?? Berkeley Heights will go away. — No profitable lines, same RIF cycle as PH, same consultant hustle and tons of... Can anyone advice on current situation... how AIG going to handle current scenario.
To Post ID: @3Nsrr+125WogIv no it's not overseas. This chart says it all. Yet the Execs will get their huge pay packages.
He hires another guy (PZ) to actually run the company.
AIG shares fell as much as 1.5%, but recovered somewhat to finish the day at $52.10, down 0.9%. How will AIG Third Quarters earning will look like?
You hire the highest paid ceo in your industry (BD). Not only is this the worst leadership, but they are by far paid the most with more senior leadership than we have ever known and more created positions than we have ever witnessed. Accenture unloads $1.6 billion in pension liabilities to AIG, MassMutual - 2017 to determine if agents were properly disclosing costs and fee structures, and whether they were given financial incentives to sell annuities over lower-cost mutual funds, according to a Wall Street Journal report. Would you kindly share here. $19M) Why would you do that?” Isola asks, referring to a tax-free municipal bond. Announced an hour ago that major operations in bulgaria, india, malaysia, kansas and philipins will be absorbed by accenture! Adjuster lay offs were in CA that I know of but maybe other states as well, what parts of the country are the lay offs.
If what management is doing is so valuable, why is a current owner selling his/her shares at less than half times book value? 2020: ? Thoughts on AIG announcing their plans to separate the line of business? AIG shares fell as much as 1.5%, but recovered somewhat to finish the day at $52.10, down 0.9%. Another dozen underwriters let go yesterday, and when will manager layoffs begin? While in 2003 qualified plans accounted for just less than half of the industry’s total $210.3 billion in sales, last year 60% of the total $221.2 billion in sales were in qualified plans, according to the Insured Retirement Institute. Would make sense with the new person coming on. We just went through another round of layoffs in IT, many of the people that were impacted were star employees so no consideration to keep the best and the brightest. They keep bringing in new consultants just to tell them to lay a ton of people off so they can inhh gg late their bonuses waaay beyond what they deserve.
Employees are now screwed for some time as hiring at other places will quickly dry up.
Its criminal. We are writing the business but it's going to TPA's. Any level 24 and up leaders here who’d like to comment? Any news or rumors? Worked at AIG in finance 2007 to 2012. The execs hire their friends, give them big pay packages and relo, and give everyone else the shaft. We've detected you are on Internet Explorer. Plans for transition to remote work? Qualified plans at colleges and universities are covered under Erisa, as are 401(k) plans, allowing savers to bring about class-action law suits against plan providers. Any talk of this at AIG? This copy is for your personal, non-commercial use only. Not what you know but who you know at AIG. ... He even put it on powerpoint! An error has occurred, please try again later. Layoffs are a fact when working at AIG more so than other places.
Anything I should do to prepare for this? Stuff like being yelled at in front of your manager for something false. Use of this website constitutes acceptance of our. 1 Yr: -53.47%, AIG employees are getting slammed on both ends first by the executives who hire their buddies at outrageous comp. I bet most of the people barely got 100%.
Post any information about potential or actual AIG Layoffs 2020? For the best Barrons.com experience, please update to a modern browser. Charlie Fry, Global Head of Reinsurance Strategy and Head of Global Portfolio Management for General Insurance, will be leaving AIG. 1 Mo: -5.45% And then by the Consultants that their buddies hire - who are buddies of Buddies. Did they do this just to bring on AIG???? The federal law provides some protection and standards for disclosure and transparency for retirement savers. It’s really easy for companies to hide stuff.”. All I know is leadership here is by far the worst I've ever seen. While the broad annuity market has a history of consumer-unfriendly sales practices, potential problems are heightened in the 403(b) market because the plans aren’t covered by the Employee Retirement Income Security Act of 1974, or Erisa. Management is locked up in multiple meetings and are not available for most daily issues. Cons. Any updates on office reopening? — Time for BD and PZ to ride off into the sunset with their loot! The industry has been dogged for decades by sharp criticism of aggressive sales practices that can result in investors buying and getting locked into expensive, complex products that they don’t understand or need.
Valic declined to comment on the SEC investigation and its business in general, but issued a statement noting its policy to cooperate with regulatory inquiries. AIG earning report on Oct 30th: Any Thoughts on Earning and Layoffs, AIG’s Top Black Ranks Get Thinner With Four Leaders Leaving, Accenture typically treats workers really good. “The problem is, there’s no transparency in the way salespeople are paid. It was done by reading off a script and Management not on the call. Were there more layoffs in MMS? Probably 5% reduction a year for the next 3 years! 3 Mo: -15.92% My partner works there. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. People should be moving out of the state anyway.
Accenture unloads $1.6 billion in pension liabilities to AIG, MassMutual - 2017 Accenture’s Cusano to lead AIG’s business, technology operations - 2019 Accenture is chosen to take over AIG resources in … Share on Facebook; In the early 1970s, rules changed to permit mutual funds within these plans, but the insurance industry has held a firm foot in the door of the nation’s schools. How do I get that stuff back? read more. Accenture’s Cusano to lead AIG’s business, technology operations - 2019 read more, https://www.complianceweek.com/whistleblowers/aig-whistleblower-claims-in-lawsuit-he-was-fired-for-uncovering-fraud/29419.article. RIF or RE-ORG? The SEC declined to comment. The Securities and Exchange Commission has opened an investigation into Valic, a subsidiary of the insurance behemoth Barron’s reported on sales of annuities to teachers in a May 25, 2019 article. Either a liar or really dumb or both! In other companies that behavior would not have been tolerated. It was read off a script that employees are terminated after this call. In late 2017, the New York Attorney General’s office subpoenaed records from TIAA, a giant in the teacher annuity market, to follow up on complaints about its sales practices. I was in a discussion recently where it was wondering if the motivations of the people discussing items were based on whether the... Some are committing to allowing employees to work 100% remote. It's been sent out to a Vendor. The annuities business, which has been struggling to polish its image in recent years, is getting an unwanted spotlight for questionable sales practices by a major provider of annuities to teachers. End of day AIG pays hundreds... Let's give the Accenture folks coming on board at big round of applause, as I hear they have all the answers. — They can write it off. I still have a lot of stuff back in the office at 175 Water. Isola adds that he is fighting against tradition when counseling teachers to avoid buying annuities in their retirement plans. When you say Berkeley Heights going away, what do you mean? read more, https://www.bloomberg.com/news/articles/2020-09-27/aig-s-top-black-ranks-get-thinner-with-four-executives-leaving?srnd=premium.
I heard something about reorgs in multinational. They handle managed care for Workers Comp claimants. With the bonuses Senior Management received, the employees should get another $500 grant. We watch as our co-workers get kicked out, the work then gets spread out among the remaining workers.....this includes sending to overseas. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Pros. We that remain are not trusting anything that is done or...
YTD: -47.93% reported on sales of annuities to teachers. MMS will be shrinking again in the 4thquarter. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. I heard HDI will also transition to a Vendor. Sorry to be so honest, but someone has to be! Layoffs are a fact when working at AIG more so than other places. 5 Day: -9.08% Their pay is average but they are organized well with fairly clear career paths. One thing I have noticed in my tenure is a preoccupation with reorgs and Game of Thrones management power struggles than actually running the business and supporting areas like IT. — His best buddy from work was laid off too!
Continue reading. Lately, the spotlight has been intensifying on practices in the 403(b) market, which are qualified retirement plans for teachers. Anyone has info about org structure changes on the horizon? I heard (some) leadership teams were asked to sign NDAs, while the rest of us are left in the dark. WHAT LAYOFFS WILL TAKE PLACE IN SEPTEMBER? 2018: $19M No Communication from any level of management that RIF's are coming.
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Look at the annual report and post on this site. If it is only CA I would not be to concerned. PZ hires all of his exec friends from around the country to fix AIG. Lots of companies (Microsoft, Target, Ford, others) pushed reopening dates to July 2021. All overseas. They want to make this company very lean Except for Senior Management, of course. 2021: Board salary, perks and travel. It's basically a nepotic dystopia.
Accenture is chosen to take over AIG resources in Europe and Kansas - 2020 Another shady relationship for BD and friends.... Accenture laid of 10,000 workers in India.
just got a left field invite from upper management, very cryptic and blind cc'ed all participants.
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