Who’s excited about Corebridge?!
First Blackstone, now BlackRock. Some very heavy hitters are putting skin in the game.
Very anxious to see how this will affect the employee experience in about a year. Particularly if the spin-off then gets sold to another org.
So how do we get a Corebridge section on this site? Get your popcorn ready!
In a proxy sent to current contract holders where it's asking them to vote on policy changes and board members, its says "American International Group, Inc. ("AIG') has announced its intention to sell all of its interest in stock (such divestment, the Corebridge Financial, Inc. over time following an initial public offering of Corebridge's common stock". So AIG plans to sell 100% of corebridge and that could mean more layoffs!
Probably one of the sillier posts I’ve seen. The “big names” you mentioned only came in because they are making out like bandits (Blackstone got the whole affordable housing real estate portfolio and recurring fee income to manage the investments portfolio in exchange for removing Dachille as in house investment management, which maybe you didn’t notice, but was a huge personnel expense reduction - he left with like $15 million), so the 9.9% they ‘bought’ in L&R was only “skin in the game” because of everything else they were getting.
Blackstone sees the opportunity that Apollo caught early and Carlyle caught later with getting into the L&R market - they can load up on CLOs and collect the float because of the enormous asset base these life companies provide.
These are sophisticated investors and to believe they are getting involved for any other reason than an opportunity they can take advantage of is foolish.
I hope they're unable to go out to IPO until next year. With this horrible stock market, they may have to wait. Post IPO, there will be a massive layoff at both AIG and at Corebridge. I know this 100%.
Ask the in-house Investments team
Queue layoffs…
Let’s not forget the stock buybacks or “the return of capital to investors “
Yay!!! I'm super excited for PZ and the board. They will get an injection of billions of dollars that they can funnel into executive bonuses and stock options. Then here's the big win, wait for it, in a couple years they can walk away with millions of dollars and let the whole thing burn. Yay!!!!!
I'm sure they will do the right thing and take care of the workers bees. It's not like AIG doesn't always take care of the workers and give them raises right?
Please keep sending daily updates about the separation so I can celebrate the windfall of capital that I will never see. It gets me so excited to go to work every day!
Have you google the numbers? Who'd buy it?