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Corebridge Financial (formerly AIG Retirement) announced over 700 layoffs today. Mostly Texans.

Macanudo

By Macanudo
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Macanudo

Macanudo 12977

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And I am one of them.  They gutted the operations back office staff for the most part and will be outsourcing it to a former AIG division that was spun off last year.   It will take around 6-9 months to send us all on our way.

I've been there just over 10 years and there is a not so insignificant number of the 700 hundred with as much time as I have or more. 

Within my immediate team (14 people) 12 of us are being cut lose sometime between 1/1/23 and 4/1/23.   For the first time since 2011, I'll be looking forward job outside of AIG.   

Sucks starting over at 51. 

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Macanudo

Macanudo 12977

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17 minutes ago, TwiceHorn said:

Damn, sorry.

When a window closes, a door opens.

You'll find this funny though....   A job that I might be a fit for is with Sazerac.   The maker of bourbon.   Formerly my drink of choice.  

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jimmyjazz

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Sorry to hear that, Mac.  My company got bought out by a competitor when I was 53.  When I saw their VP Engineering's resume I knew I was fucked -- we were essentially the same guy with the same background.  I hung in for a couple of months to get my severance, and that worked out, but searching for work at that age is not easy.  I landed on my feet, but there were a couple of months where things looked a little wonky.  I'd hit that search, and hard.

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Macanudo

Macanudo 12977

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2 hours ago, JoeBob_21 said:

What Texas location Ama or Houston if I may ask. It affects me also!

Amarillo by and far for Group and Individual Retirement.  Life took the biggest hit numbers wise but my guess is their sprinkled throughout the country with the largest chunk in Houston.   The area that my team supports is mostly in AMA.   

One of the most surprising things is some of the most knowledgeable people about our ancient legacy systems got let go.  We're not getting away from those so I don't get it.

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JoeBob_21

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It definitely seems bad for business Doc Control in Amarillo was about the only department not affected since they handle the mail they went to Accenture. So what seemed like a normal transition with the sale turned into thanks but no thanks your done It sucks for sure 20 years gone.

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horn4life

horn4life 3760

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You have a job now.  And you have a timetable.  A lot of folks put in 10 years and poof, here's a month and on your way out the door you go.  Just trying to put at least a little positive spin on what is certainly an unsettling situation.  But that time is golden, and it allows you to pretend you don't need a job, because technically right now you don't.

I''ll be honest I have not interviewed for a job in like 30 years, but I was carefree as a bird interviewing when I had a paycheck, and not as good when I was worried about getting one I did not have.   I would suggest interviewing at a couple places that you don't view as a great fit, just to get some interview practice.  Because like anything the more you do it the better you get!

Good luck!  That time you have to plan is golden.  Sucks but it could have been a lot worse.

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Bozo_Casanova

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On 7/12/2022 at 10:36 PM, Macanudo said:

And I am one of them.  They gutted the operations back office staff for the most part and will be outsourcing it to a former AIG division that was spun off last year.   It will take around 6-9 months to send us all on our way.

I've been there just over 10 years and there is a not so insignificant number of the 700 hundred with as much time as I have or more. 

Within my immediate team (14 people) 12 of us are being cut lose sometime between 1/1/23 and 4/1/23.   For the first time since 2011, I'll be looking forward job outside of AIG.   

Sucks starting over at 51. 

A) really sorry, but I hope this winds up taking you in an even better direction and you’ll ultimately be grateful. 
B) was it AIG or somewhere else that had the “Tower of Excellence?” I’ve been laughing about that since you told me at Perry’s.

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Macanudo

Macanudo 12977

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For those that don't know the story.   

It was at American General which AIG bought in 2004.   I built the Pyramid of Excellence from the Hockey Pucks of Excllence given to us in 1998 or 1999 after a dog and pony show from the company.   The hockey pucks were acrylic pieces with the company's new core values.  

I collected as many as I could from coworkers and on the wall above my cube built a pyramid of them that was at least 6-7 rows in height. 

The President of our division caught wind of it and came to seeit.   I ended up getting a gift card and an "attaboy" from him because of my can-do spirit.  

My coworkers were floored because they knew I was mocking it all but leadership thought it was allsome.   

The things we do when we're young. 

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Just want to say Mac is a sorry motherfucker for never allowing me to buy him a beer or subsequently an iced tea when we were 'neighbors' in the Woodlands area, and then while he was working  in the Amarillo area what i would assume was at least occasionally. 

I do wish you well going forward and hope you land on your feet brother.

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horn4life

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3 hours ago, billfromlaketravis said:

Take your severance and use it to achieve a goal you’ve always wanted to reach.

I know that sounds like a HR poster, but I know quite a few people that have lived it. 

I was also going to say this.  At 51, you still have a ton of life ahead of you.  I would very, very seriously also look at a passion you have, that you might be able to monetize.  Again the fact you have some lead time creates a golden opportunity potentially out of an unsettling situation.  The great thing about this route is that you would be willing to sacrifice to build something that is your baby.  It also would mean that when you are 61 you would not potentially have a similar posting that is even more unsettling a decade from now.  

Again time is your friend.  This sort of hits close to home as my wife's company is going to have to lay off some folks due to losing a large account.  Probably not her, but it made us go through some of the worst case scenarios.  We have had difficulties before, and we have always landed on our feet (luckily).  But we also cobbled together a home life for our younger kids by both working part time and giving up some sizable cash to make sure one of us was always there for them as elementary school kids.  Seeing them today as adults made that investment worth it.  Though surely we would have a lot more retirement dollars had we said fuck it, slam them in after school care, and let's bank. 

In other words take this opportunity to not only look for another job, but for a life evaluation.  Most folks simply want to cover their bills comfortably and not hate the means of doing that.  Look for the unusual opportunity that might be the north star of the rest of your life.  Maybe create a job you can't be removed from?  While only a fool would say it's not scary to face losing your job at 51, you just might look back a year or two from now saying, this ended up allowing you a path you never could have imagined had this "disaster" not happened?

Again good luck!

PS - if you are thinking about self-employment, try to purchase any immediate need assets or leases while you still have a W-2.  Then set up the company as a corp so it can create you a W-2.  Probably not the route you will pursue, but you are crazy if you don't contemplate having control of your own destiny.  Hell you could start a yard cutting service that specializes in putting up Christmas lights and have something going by the time you get laid off, and at least have cash flowing.  Not a dream job.  but a piece of a financial puzzle that could give you independence.  Anyhow thought it worth at least thinking about.

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Macanudo

Macanudo 12977

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On 7/15/2022 at 9:43 PM, Horns99 said:

Macanudo, have you looked at Invesco / AIM ? Don’t know how they have everything broken out these days, but they are there in Houston @ Greenway


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I have not looked at Invesco but they have shed a bunch of jobs from the Houston location over the years as well.    They also seem to have slimmed down from their Denver location as well.

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Wally Fairway

Wally Fairway 5547

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On 7/12/2022 at 11:36 PM, Macanudo said:

And I am one of them.  They gutted the operations back office staff for the most part and will be outsourcing it to a former AIG division that was spun off last year.   It will take around 6-9 months to send us all on our way.

I've been there just over 10 years and there is a not so insignificant number of the 700 hundred with as much time as I have or more. 

Within my immediate team (14 people) 12 of us are being cut lose sometime between 1/1/23 and 4/1/23.   For the first time since 2011, I'll be looking forward job outside of AIG.   

Sucks starting over at 51. 

Good luck man - the older we get the harder it is.
Lost a 13 year  job at 53 when the company was sold; worked 2 years in contract (temp) jobs before getting a full time gig that lasted 6.5 years (they hired someone with 6 years experience to replace me), and now I'm 2 years into contract work. I have 2 potential options that I've been talking to for over a month. The process is longer than it needs to be. 
I used to say that I thought I'd work until I was 68-69, but these years not having 401k contributions/match and of course the current market slump has likely pushed that out to 72 or so.

 

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KYHorn

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56 minutes ago, Macanudo said:

I have not looked at Invesco but they have shed a bunch of jobs from the Houston location over the years as well.    They also seem to have slimmed down from their Denver location as well.

 

On 7/15/2022 at 11:43 PM, Horns99 said:

Macanudo, have you looked at Invesco / AIM ? Don’t know how they have everything broken out these days, but they are there in Houston @ Greenway


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In case it's helpful, I have it on very good authority that they and at least 1 subsidiary will have to downsize in the next year. 

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Firemans4Horn

Firemans4Horn 18048

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What was your role/what are you wanting to do next? Will keep my eyes open. 
 

Goldman and JP Morgan are hiring up in Dallas. Fidelity always needs people in Westlake. TD Ameritade-Schwab have recently built huge offices near there as well.

 

First Trust and Pimco are still growing out their Austin operations (DFA is another one to look at there). 

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Macanudo

Macanudo 12977

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I've spent the last 4 years managing a team of trainers for back office work.   My previous 14+ years were in plan administration/regulartory compliance testing.  I managed a team doing that at AIG for 4 years before moving into my current role.

I'm not tied to the retirement sector because a lot of what I've done translates to other fields.

 

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