Cuts going down circa now.
Apparently the axings in the the AIG spinoff will be across the board and amount to ten percent of the staff, all of whom are “very nervous” and waiting to get the call.
— Advertisement —
Comments (68)
Leave a comment
You can log in with your account or comment as a guest below.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
never heard of them.
ditto
Random P&C company apparently
Za?
LOL
your stupidity would be your own problem, not anyone else’s, but thanks for sharing.
yes, so “random”
http://www.bloomberg.com/news/2010-11-05/aig-loss-narrows-at-units-held-by-bailed-out-insurer-on-fewer-writedowns.html
http://en.wikipedia.org/wiki/Chartis
Surprised that it is only 10% as no one uses charts anymore for their investment strategies.
Chartis = AIG
Chartis = AIG
UBS is hiring. Just saying.
Chartis is the commercial insurance subsidiary of AIG…not some random little p&c company…they’re one of the largest if not THE largest in the world. They changed their name a year and a half ago—they dont write any life & health products so you would never need them, unless you own a business or building.
Thank you for that.
This is really sad. More people out of work!
Everyone knows that AIGFP is where the money came from. Insurance is so 2000 and late.
Anyone have an idea which unit of Chartis?
And they can’t spell “Chartist” either! LOL!!
-Former Lehman Risk Manager
I want to know, too.
-Connie Ling, U.S. Branch
Any update on what is happnening?
how many people have been laid off so far, and in what departments?
Chartis? That’s CHARTWAS to you, boy. Now pick up your crap and get out of the building in the next 30 minutes.
UBS sucks
Yo, I work at Chartis in Berkeley Heights NJ. We are all hard working employees. I was lucky and made the cut, but many of my close friends and coworkers were let go. One person after 21 years of service, single parents, new homeowners, it was across the board. If you are too ignrant to understand that its not just a joke, its out lives, keep your comments to yourself. Chartis has always been successful and is the strongest P&C company in the world. Look at the larg projects, who insures most? Who is the only one that can provide the coverage? Its Chartis. Our income is based on P&C coverage. When the economy suffers we get hit twice. Once with our investments and again because there are less companies out there to insure. Most premium is based on payroll. Less payroll = less profit = less jobs = 10% layoffs
FK U ALL
LOSER
Or where the money went?
Obviously spelling and grammar are not a requirement to remain employed.
sorry to see this. a lot of good people work at chartis. people who stuck around through the adversity that resulted from the collapse in 2008. a collapse that had absolutely nothing to do with the p&c insurance operation. couldn’t have been easy and now this.
“One person after 21 years of service, single parents, new homeowners, it was across the board”
Well, if this were taken into consideration it would have been discrimination.
And if you honestly don’t think you guys are able to make money despite the downturn, you obviously haven’t seen how much you are trying to bump up premiums.
Sorry to hear you’re feeling the effects B.
O.Rly – Educate yourself before posting inaccurate comments. Even better, if you don’t know anything about the insurance marketplace, just don’t comment. Although all P&C carriers would like to be holding rate (and some claim they are to attract investors), not a single one is. Premiums continue to decline both for lack of exposure as B. stated and for rate decrease due to an over saturated marketplace.
Guest, Bobbo and Others – Your schadenfreude is a bit pathetic. Still, I hope if your families are effected by a similar event in future people will show you the kindness that you lack.
No one cares asshole! Some of us have BIGGER Problems!
thanks for sticking up for us bro
Actually, I was laid off in ’08, I could be laid off again any day if the economy doesn’t improve. But you know what I do? I deal with it, go on and don’t complain. Things happen, life sucks sometimes. But if you whine about it all the time, nothing good will ever come your way.
affected. tardo.
BOOOOOOORRRRRRRRRIIIIIIINNNNNNNNNGGGGGGGGGG
Isn’t “Chartis” the French word for “dumbass”?
Is that a weak attempt at humor, or are you commenting about something about which you know nothing?
SeTTTon Hall Law voted America’s most RoTTTen TOILET!
it is said to see how heartless everyone is about people lossing their jobs. we all get out and do our best for these companies and for what to one day come in after serving 5 to 21 or more years, basicly giving them all your time and to lose your job. But in the end GOD has a path for you. he may close one door but trust and believe that another one will open. so to all the small minded people remember WHAT GOES AROUND COMES AROUND. my prayers and blessings goes out to everyone that has lost their jobs. ps- the people that got laid off from CHARTIS (AIG) it was not their fault, some lost their life savings and still came to work and did their jobs with a smile.
I’m not going to say in what Region, but I too am an employee of Chartis. I had to watch as friends packed up and said goodbye. I was lucky as well in making the cut, but it sucks just the same. The sad thing is, is all the B.S. that’s being said on this thread. I hope none of you ever have to go through what these hardworking people are going through right now. Or, ever have to watch someone you care about go through this…. single parents, main bread winners of the family, new parents, etc. THAT is what the current economic situation has brought… B has said it best; the calculation is completely accurate.
Thank you, Guest, for your response. Many don’t know and don’t understand what it feels like. And, it’s true, those that are holding their rates lower are doing simply to get those purchasing in the door. The rate hike after their guaranteed period will send them looking for better rates.
Saw a lot of good people go today. I even helped a friend with boxes. For those who would comment negatively to this news, who are otherwise gainfully employed or independently wealthy, you should count your blessings that your holiday season will be uninterrupted. For the rest who know how the game is played, we just need to figure out why so many good high wage jobs are going offshore… Is America dying a slow painful death by way of the overbalanced credit card or are we really in that much trouble that everyday working stiffs get put on the chopping block to satisfy a percentage? I have learned only one thing from this, job loyalty does not exist in this country. Be that as it may, this country, unlike Germany, will not invest one dime to retrain any of it’s workers to prevent the raping that the outsource companies have done to the job market. The bottom line rules here and it’s the ones that can multitask their career paths that will survive this unkinder less gentle America…
What’s with all the insurance folks acting like this is an unheard-of personal catastrophe? I was laid off in ’08 not to mention there have been “layoffs watch(es)” on what seems like every other day the past 2 weeks. It’s a terrible thing but have you seen the wreckage that has occured across the board in finance? It’s nothing new. it’s business, and being in an actuarially-assisted, recession-resistant industry doesn’t make you immune to cuts.
I’m an a-hole, fine, but I’m a realist.
yeap – 3 employees in the dept, including myself, with accumulative yrs of over 65 with the company, let go today, yet a counterpart in my same position with 1/4th my tenure stays. makes sense leave the employee with the least salary, knowledge, or give a shit attitude.
is not the company i went to work for 28 yrs ago…….but a chapter has closed and hopefully a door will open – i will pray -
AIG has been a client of mine for over 10 years and some great people still work there, Asshat. Spend more than 20 seconds on this site before commenting next time.
As a temp at Chartis, I believe there were a total of 600 employees let go today. Correct me if I am wrong. It appears the cuts were across the board including senior level people, 6 of whom were from the department I am in.
I am an employee of Chartis, and saw a lot of good people go today. They laid off 525 people I believe. For those of you who are too ignorant to know what is going on in the economy (random p&c company?! Watch the news, dumbass), or too unkind to empathize with people going through tough times, shame on you. I understand everyone has “bigger problems” according to some of you, but losing your income is a pretty big problem. The commercial insurance sector of AIG and its employees are what kept this company from completely going under. It’s very easy for some of you (with little knowledge and who only watch Good Morning America to get your news) to go along with the mob mentality and say that everyone who works at AIG should be fired or go to jail. The truth is, you have no idea what you’re talking about. A very select few were responsible for all of the turmoil in 2008, yet they will see no consequences. The people who see the consequences are the people who work in a random office complex in suburban America making $45,000 a year. The same people who use more than one paycheck just to pay their rent. The same people who get attacked in the grocery store because they have their id badge on (true story). The same people who get laid off when the exact business they are in had NOTHING to do with any of these problems.
Bottom line: educate yourselves before making rash and insensitive comments. I hope none of you are ever in this boat, and if you are, I think you would like some kind words and not some “you deserved it” attitude from random strangers who get their knowledge from other peoples posts.
I am an employee of Chartis. This morning they annouced the layoff news. So far two people got the layoff from te company that I work for. It is sad. The employees that were laid off were deecent hardworkers.
The posts on this site used to be witty. But then stupid wall street freshmans/wannabes came along and they think they are being funny when they are being heartless. Now this place is just littered with witless jerks who only knows how to act like ass. I am not coming back here (at least not til bonus time to see what everyone else is getting).
Does anyone find it odd that the layoffs occurred right after elections?
I’m a Chartis Employee in Alpharetta GA. I really hate to hear about more layoffs! I’m sure they did everything they could to avoid this outcome. As reflected in our paychecks- we never get a bonus and we hardly get a raise but we still reach into our pockets to donate to the company wide charity events. We grin and bear it for the most part and are happy to come in each day and try our best to take care of our customers. Aig (NY) got dragged into the snowball effect when the housing market fell. People only understand the negative/Bogus reports the media feeds them. My condolences to all the hard workers that now stand in the unemployment line. And for the ones spared, keep you head up and keep plugging away,, We have lots of work to do, so lets do it with pride!
The lamest excuse I hear is blame the outsourcing.. were the chinese moaning when you were making the Barbie dolls and selling it to them .. heard the story of dinosaur .. evolve or die.. or as Dilbert says .. if you cant be promoted, you can only be ……..
crisis is a great time where the whole industry get a shake and chaff is separated from the grain .. too many pointless ppl sitting in govt jobs to too big to fail banks ..
@AIG_FP_QUANT
So it WAS a weak attempt at humor. And if 16 people here “liked ” it, I don’t think this site is worth another 20 seconds.
I don’t know who you are, which is a good thing for you, because if I did, AIG wouldn’t be a client of yours anymore. I don’t need you to tell me that great people work here. Some other great people worked here until yesterday. Those of us who are still here don’t see it as an ocassion for jokes that our collegues lost their jobs. And if you met me in person, you wouldn’t dare call me that.
you need some reality check
“because if I did, AIG wouldn’t be a client of yours anymore.” … and remember to give that blackberry back on your way out
If you are as influential as you want me to believe, why didn’t save those people’s jobs? Thanks for your brief visit to this site and letting everyone know that you’re the first person who has ever worked at an organization where good people lost there jobs while at the same time an asshat like you kept his.
Yup I was one of them in Berkeley Heights let go with over 15 yrs of service. Would love to know the rhyme or reason as to who stays or goes. But it will always be the ‘boys club’ there.
I have a feeling directors hand picked in their respective division. I came from 55 with my director who was once my manager trying to get me out the door.
I work in the Jersey City offices, but I wasn’t there on Tuesday because I’m on medical leave at the moment.
A friend in NY called me to tell me that she had been let go. I later called my boss and was told that it had been a “bloodbath”.
People who had been loyal to the company for many years lost their jobs, good, hard working people. My heart goes out to all of them and everyone else who has gone through the same ordeal.
I don’t understand the response of some here to other people’s pain. Have we turned so cold and callous as a society?
Why do we need to know you’re on medical leave?
Why do we need to know you’re on medical leave?
Are you for real? Do you, and I ask you this seriously and without sarcasm, have a child who has a chronic illness? Because to me that is the only problem worse than losing your only income in this environment. People will lose their homes over this. Because its not you, I guess you can afford to be cruel about it. Bringing bad, bad Karma upon yourself, Cayne-o.
i feel for my colleagues who were let go. if i had a choice i would rather we had a reductions in wages or hours across the board. i have no issues with firing people who do a poor job. but layoffs are about economics. i realize it’s just business. but it’s cold and it’s short sighted.
I was in that number on 11/09/10. Chartis is a great company and will rise from the ashes. Word to those that are still employed. If another employee survey comes around, I would lie like a rug. The writing was on the wall when Stratts used a pyramid as an example in the new model. Everything in the middle of pyramid would be the future “focus”. Another word to those still employed, don’t complain about anything. Don’t tell HR anything negative, kiss your bosses butt, keep your head down, don’t miss work, don’t get sick. This is just the beginning.
Sorry to hear, I was let go as well. You are correct about the ‘boys club’. We used that term quite often in Houston. The Good ole boys club to be exact. Hang in there, better things are on the horizon for us!!
Chartis layed off the DEAD WOOD and CUT THE FAT in the company such as this effing PRICK LOSER name jose
GOOD RIDDANCE
I work for AIG. There’s nothing different about AIG or Chartis except the name. The management and games are all the same and all of this is about GREED. As far as the criteria for who would be let go, your management made that decision two years ago. Management was asked a couple of years ago to come up with a list of people they would cut whenever layoffs came around. A lot of it was personal (i.e. boss didn’t like you, you came in late, or you had some other character flaw they didn’t care for) Initially, it was 2 people from each group, then it was increased. What surprises me the most is that we receive all of these “Notifications” and devastating news from Benmosche and he never took the time to my knowledge to address the company about these layoffs. AIG is going down, the corporate space is going to shrink and isn’t supposed to exist. Knowing this, I applied for a lot of postions internally within Chartis thinking AIG Corporate was a sinking ship as I’ve been told only to find out that no area within the company is safe. Make friends with a chatty cathy manager as he or she is very well aware of who is next. AIG Corporate is next for layoffs. The list exists, has been in existence for a very long time and management knows exactly when your number is up. Transfers for certain individuals in management are being orchestrated now so that these individuals avoid the layoffs within their groups.
what it all comes down to at aig is ‘who you know and not what you know’….with this philosophy is it any wonder that this company almost brought down the us economy single handed….i guess working at aig is better than being unemployed…BUT NOT MUCH BETTER…its an absolute nightmarish place to work….
HRuMMT Thank you ever so for you blog.Much thanks again. Fantastic.