Quite a few layoffs in Corebridge ERM today, most likely just the beginning.
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Actuaries are being let go? I hadn’t heard that, the chief actuary just posted a few weeks ago that they were hiring at all levels.
More layoffs following this just be careful.
Planned cuts across the company. Already started around 100 more to go as weeks progress. No promotion, no pay hike just cut people. Best are running away. Low morale. Actuarials are being cut like shredded cheese. Racial discrimination.
Is this team (ERM) consisting of actuaries? So actuaries are being laid off?
That’s like calling the kettle black. The downfall of SVB is nothing compared to the way AIG went down in 2008.
Seems like SVB didn’t have a first, second or third line of defense
ERM is not really needed in a Financial Institution, Silicon Valley Bank managed just fine without it.
Anyone know how many people were let go?
Enterprise Risk Management. Looking to save $300-$400M over the next 2 years, only way to do this is mostly through headcount reductions. Need to cut expenses to align with peer competitor expense ratios.
What does ERM stand for? How many total employees are there? How many were just riffed and why.
I thought that they were expanding because they needed to absorb work that AIG ERM was doing and because ERM becomes more important as a stand alone company?
Any more news about CRBG ERM?