Town halls taking place to announce outsourcing all of L&R ops to Accenture. Supposedly you will fall into 3 categories 1. Safe at CRBG 2. Move to Accenture 3. Axed….so what is purpose of corebridge? If you don’t have any operations none of the other areas make sense at corevridge. Does anyone know if it’s truly all ops?
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AIG 200 means that’s how many people will remain with AIG.
I once worked for AIG back in 2008 was hired on FT this was just as AIG was being investigated for fraud what have you subprime mortgage meltdown well I worked there for a number of years and each subsequent year the talks of layoffs were increasing year after year and I saw many really good people either walk away or laid off my time and I was in GI WC came in June of 2019 the department I was working in and another department or 2 were called into a conference room with Cathy Morgan & Cathy Stark and given an extended layoff notification that is we were going to be there training our replacements in Manila Philippines until our last day of August 23rd 2019 so what about 2.5 months of training kids in Manila Philippines that’s right they were mostly kids you could see they were very young by there pictures in there emails … what a croc of Bull Sh-t Big Blue was sinking way back then now Accenture has control and who the he-l knows how bad it’s gotten I hear it from a friend still at the former CPC Claim's Processing Center they had closed the CPC in Alpharetta Georgia prior to all of this .. Bob Benmoche was running AIG he passed away from cancer in the around 2015 maybe and Peter Hancock took over they ousted him and PZaffino became the top dog or Brian Dupperault anyway the Zifgield Follies was in full swing at that time and Bud Dunn ran the Olathe Kansas Claims Processing Center for a time 2008 to maybe around 2013 or 2014 the Titanic had gaping holes in it way back in my days at AIG I’m saddened to see a once proud organization go so horribly wrong thanks for listening & get out of the cesspool you’re in
Are CRBDG execs moving to Houston?
I’m safe, but I don’t understand how when my job is centered around Ops. I’m not in ops but adjacent to it. Sr Mgmt said this was part of the plan the whole separation…what a snake move if you think about all their communication on becoming a new company and how we can create a new culture…I’d understand better if it was due to the sh-t IPO Market and just economic meltdown…but no planned the whole time
Update from sr management
1700 laid off
Reevaluated properties
Limited property in NY, CT, and most in TX…CRBDG to be a Texas based company.
Whatever is left.
Devasting week. I survived, but I do not feel secure in my position. I think after 1 year and outsourcing is up and running, they will start looking at managers that still there and consolidate positions or my greatest fear is that they will move all positions too Houston to lower cost even more.
Not all Ops. Finance folks get whacked too. L&R got hit really bad this year. Worse than in 2014. I’m one of those who got whacked in Finance. They whacked pretty much the whole department. Just keep few managers.
Any ideas on what is going on with the life Underwriting area? No layoffs yet?
Curious: has anyone seen any mention of this on any of the news outlets? CNBC or WSJ or Forbes...etc?
Does anyone know how many employees are in the L&R division before the Layoff?
They did this last year as well. They call it KT. Knowledge Transfer. It can get very heated. Accenture brings in these specialized run book makers. They know what questions to ask. The Accenture staff are extremely polite and are not naive to your situation but, it does not remove the sting of losing your job to someone overseas.
I think the most disgusting part of the severance option is that they are basically holding you hostage to train your offshore replacement. Complete disgust for a company I once respected.
96% of ALL of L&R employees are being eliminated?
96% of L&R are being eliminated. The other are either going to Accenture or remaining with AIG. I'm one of the 96%
To the comment below: L/R was the safest place and look what is happening. General insurance will be dismantled in the near future.
Wow. So... you have to stay at Corebridge until April 2023 to be able to receive your severance?
July 2022 AIG Layoff Count:
- 300 from Group Retirement (VALIC)
- 150 from Individual Retirement
- 400 from elsewhere (assuming that is Life Insurance).
How many people were laid off? I see that @asj reports below 75% deep cut, I am not sure.
Also, what's the overall count of people affected?
https://twitter.com/TheLayoff/status/1547325532429094912
What ? I thought L & R was the safest place to be and that GI was doomed?!
What has actually been announced so far? Are the layoffs for both GI and L&R? What parts of L&R will be affected?
It will be AIG 404, requested company not found.
Let's all tip our caps to the AIG 200 leaders. Wondering if they'll bring in branding consultants for the last chapter, AIG 104.
It's a good thing AIG is our Ally. Can you imagine what would happen if they were our enemy? What's 750 people to a company like AIG? Just another expense. Let them eat cake.
Buckle up. There is a great deal of fat in General Insurance that can be outsourced. PZ is coming for you GI.
AIG is selling employees like cattle to 3rd party companies or totally eliminating them all in the name of cost reduction and stock price.
Those of you optimists who want to believe it won't happen you are naive. This is just the beginning.
Wait a minute.......I thought AIG was my Ally?
Understand the axe part. For option #2, Is it really more cost effective to outsource to Accenture?
One thing that doesn’t make sense to my overall post…what is corebridge then? We just outsourced the chain on the “bike” that is corebridge…now we just have a bunch of supporting parts and products…
Yeah I was group 3. Apparently the axe is going to start coming down Q1 of 2023 and only then will we get severance. I’m still deciding if it’s even worth it. I was ready to jump ship anyway.
So far, I've only heard about this impacting L&R Ops personnel. From what I've heard - the layoffs are about 300 from Group Retirement (VALIC), 150 from Individual Retirement and 400 from elsewhere (assuming that is Life Insurance). So sorry to hear about so many losing their jobs. Anyone else have any more details?
Not all ops but over 75% axed. At least 10% are being retained as AIG or Accenture staff. All happened today. April is last month of employment, then severance kicks in.