AIG shutdown
04-21-2016, 03:52 PM
#4
whatever
Joined APC: Sep 2015
Posts: 421
What planes were they flying?
And where's our 85 Billion?
American International Group Inc., the insurer that’s been under pressure from activist investors, said it plans to cut 242 jobs at five locations in New York City.
The reductions will take place through Sept. 30, and include its Water Street headquarters, as well as Pine Street, Old Slip, 1 New York Plaza and Liberty Street offices, AIG said in a so-called WARN notice dated March 21 and filed with the New York Department of Labor.
Chief Executive Officer Peter Hancock, under pressure by activist investor Carl Icahn to shrink the company and improve profitability, has been reducing costs by eliminating jobs and shifting thousands of positions to less expensive locations outside of New York. He told investors in November that he planned to dismiss almost a quarter of the top 1,400 members of senior management, and told staff not to count on lifetime employment. He said about 2,000 jobs annually were being moved to low-cost centers.
Moving jobs has been a “very substantial shift in the way the company has provided services to create scale,” Hancock said in a November conference call. AIG has “improved controls and provides the platform for future automation of what were very manual processes that were decentralized and had a lot of redundancy,” he said.
AIG shares have fallen 13 percent this year, compared with the 0.6 percent advance of the Standard & Poor’s 500 Index.
And where's our 85 Billion?
American International Group Inc., the insurer that’s been under pressure from activist investors, said it plans to cut 242 jobs at five locations in New York City.
The reductions will take place through Sept. 30, and include its Water Street headquarters, as well as Pine Street, Old Slip, 1 New York Plaza and Liberty Street offices, AIG said in a so-called WARN notice dated March 21 and filed with the New York Department of Labor.
Chief Executive Officer Peter Hancock, under pressure by activist investor Carl Icahn to shrink the company and improve profitability, has been reducing costs by eliminating jobs and shifting thousands of positions to less expensive locations outside of New York. He told investors in November that he planned to dismiss almost a quarter of the top 1,400 members of senior management, and told staff not to count on lifetime employment. He said about 2,000 jobs annually were being moved to low-cost centers.
Moving jobs has been a “very substantial shift in the way the company has provided services to create scale,” Hancock said in a November conference call. AIG has “improved controls and provides the platform for future automation of what were very manual processes that were decentralized and had a lot of redundancy,” he said.
AIG shares have fallen 13 percent this year, compared with the 0.6 percent advance of the Standard & Poor’s 500 Index.
04-21-2016, 06:21 PM
#5
Gets Weekends Off
Joined APC: Mar 2011
Position: Left seat on a kite
Posts: 1,884
Originally Posted by Vital Signs
What planes were they flying?
And where's our 85 Billion?
American International Group Inc., the insurer that’s been under pressure from activist investors, said it plans to cut 242 jobs at five locations in New York City.
The reductions will take place through Sept. 30, and include its Water Street headquarters, as well as Pine Street, Old Slip, 1 New York Plaza and Liberty Street offices, AIG said in a so-called WARN notice dated March 21 and filed with the New York Department of Labor.
Chief Executive Officer Peter Hancock, under pressure by activist investor Carl Icahn to shrink the company and improve profitability, has been reducing costs by eliminating jobs and shifting thousands of positions to less expensive locations outside of New York. He told investors in November that he planned to dismiss almost a quarter of the top 1,400 members of senior management, and told staff not to count on lifetime employment. He said about 2,000 jobs annually were being moved to low-cost centers.
Moving jobs has been a “very substantial shift in the way the company has provided services to create scale,” Hancock said in a November conference call. AIG has “improved controls and provides the platform for future automation of what were very manual processes that were decentralized and had a lot of redundancy,” he said.
AIG shares have fallen 13 percent this year, compared with the 0.6 percent advance of the Standard & Poor’s 500 Index.
And where's our 85 Billion?
American International Group Inc., the insurer that’s been under pressure from activist investors, said it plans to cut 242 jobs at five locations in New York City.
The reductions will take place through Sept. 30, and include its Water Street headquarters, as well as Pine Street, Old Slip, 1 New York Plaza and Liberty Street offices, AIG said in a so-called WARN notice dated March 21 and filed with the New York Department of Labor.
Chief Executive Officer Peter Hancock, under pressure by activist investor Carl Icahn to shrink the company and improve profitability, has been reducing costs by eliminating jobs and shifting thousands of positions to less expensive locations outside of New York. He told investors in November that he planned to dismiss almost a quarter of the top 1,400 members of senior management, and told staff not to count on lifetime employment. He said about 2,000 jobs annually were being moved to low-cost centers.
Moving jobs has been a “very substantial shift in the way the company has provided services to create scale,” Hancock said in a November conference call. AIG has “improved controls and provides the platform for future automation of what were very manual processes that were decentralized and had a lot of redundancy,” he said.
AIG shares have fallen 13 percent this year, compared with the 0.6 percent advance of the Standard & Poor’s 500 Index.
Carl lchan will sit at the second left seat of Satan. Only cause Frank Lorenzo occupies the right seat and Clay lacy will occupy the left.
04-22-2016, 05:57 PM
#6
On Reserve
Joined APC: Feb 2011
Position: Gulfstream Left
Posts: 19
From what I have been told, a fully staffed corporate department with multiple brand new aircraft and multiple brand new aircraft on order shut down. About 25 corporate aviation employees on the street.
04-22-2016, 06:10 PM
#7
Line Holder
Joined APC: Aug 2007
Posts: 65
Originally Posted by gulfstream1
From what I have been told, a fully staffed corporate department with multiple brand new aircraft and multiple brand new aircraft on order shut down. About 25 corporate aviation employees on the street.
Last edited by Sandhawk; 04-22-2016 at 06:29 PM.
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