If you are someone related to the business sector or have an interest in the business world, you might have heard of AIG layoffs. AIG is a New York-based company that specializes in providing services related to financial management and insurance. For years, this company has been serving many individuals and big firms. However, their journey was not like a straight road to success. They faced many challenges, which made them announce layoffs. 

People are queer to know the details of AIG layoffs. So, we are here to help everyone. In this article, we will dig out everything you need to know about AIG layoffs. Thus, hang around us and keep reading this informative article!

Let’s Have a Quick Look at AIG 

American International Group
American International Group

AIG, or American International Group, is a New York-based which provides global insurance and finance services. AIG was started in Shanghai, China in 1919. Cornelius Vander Starr was the founder of this company and started it with the mission of providing reliable insurance services. 

Over time, AIG grew its services and operations. In 1913, they moved their headquarters to New York City. Today, American International Group is operating in almost 80 countries. People really trust them for their reliable and trustworthy services.

Whether you need life insurance, property insurance, investment, or finance management services, American International Group, aka AIG, is your go-to choice. They specialize in a range of services related to finance and insurance. AIG caters to everyone, from individuals to big companies and firms. 

Moreover, the market reputation of AIG is really good. The company is performing well. However, they faced serious crises in the year 2008. The company faced significant business loss. These crises also impacted their operations, services, and customer trust. But, soon, AIG got back on its feet and overcame all challenges, and today, it is performing well across many countries. 

Did AIG Make Layoffs?

As much news is circulating about AIG layoffs, people are wondering whether this news holds true or not. So, the answer is yes. AIG, or American International Group, had lately announced many layoffs.

In the past years, this company has made significant layoffs. These layoffs impacted a large number of employees from different countries. These AIG layoffs were part of their strategy to improve their business. Let’s have a quick look at the details of AIG layoffs: 

Houston, TX Layoffs

The first AIG layoffs were in Houston, TX. The company suddenly announced these layoffs and reduced a significant number of employees. Although AIG did not mention the exact number of employees impacted by these layoffs, the number was significant as per many resources.

These layoffs were aimed at reducing the workforce to improve the business in Houston by focusing in the right direction. However, the company did not provide severance packages to all laid-off employees. This really impacted the employees financially in their hard times. 

Amarillo, TX Layoffs

After Houston, AIG also reduced its workforce in Amarillo, TX. This was a big layoff of the business industry and impacted around 461 workers. These layoffs were actually employee outsourcing. So, the jobs of 461 employees moved to somewhere else. This layoff was aimed at restructuring the business and improving the overall operations. 

New York City Layoffs

AIG also made some layoffs in New York City. These AIG layoffs in New York City impacted around 242 employees. The reason behind these layoffs was to cut costs and invest in the right direction. These layoffs were part of their strategic plan that helped the business to enhance and expand its services. 

AIG Layoffs 2022

The year 2022 was also the year of layoffs for AIG. The American International Group made many layoffs in 2022 in different sectors of the business. Around 300 people were laid off from the group retirement areas, and almost 150 employees were impacted in the individual retirement areas.

Moreover, 400 employees were also laid off the same year from other sectors of the company. So, these layoffs impacted a large number of employees from different sectors and departments. Many employees lost their jobs and faced many troubles in finding new and better opportunities. 

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Why did AIG Announce Layoffs?

The AIG layoffs were the result of their strategic plan to restructure their business and overcome the challengers. They reduced their workforce to improve their financial performance and profits by cutting the extra costs. Moreover, these layoffs were to help the company grow and expand by focusing on saving money and spending on more important operations. 

In 2008, the American International Group also faced many financial crises. These crises impacted their overall operations and resulted in some tough decisions, such as layoffs. However, the good news is that AIG has no plans to announce more layoffs in the future. 

Will AIG Announce More Layoffs in 2024?

As of know, AIG has not officially made any official announcement regarding more layoffs in 2024. Although they made many layoffs in the past year, they have no plans to announce more layoffs.

The company itself has not given any statement regarding more layoffs. This shows they are not going to make more layoffs. However, in the business world, cards can turn anytime. So, the future of AIG is also uncertain. Layoffs are always unpredictable. The company may make layoffs in the future if required. 

So, it is important to stay updated on their future business moves to know whether they will make more layoffs in 2024 or in upcoming years. For this, you can often check their official website and can also visit their social media accounts. This is the easiest and most effective way to get the latest news. 

Final Words: AIG Layoffs

In conclusion, AIG, or American International Group, has been providing financial management and insurance-related services since 1919. Today, it is one of the leading companies that is serving 80 different countries. Although the company is operating well, they made many layoffs in recent years.

They made 461 and 242 layoffs in Amarillo and New York City, respectively. Also, they made many layoffs in 2022 across the different sectors of the business. However, now they are performing well and have no plans to announce more layoffs. For more updated information, you can check their website and social media. 

FAQs

  • Is AIG Going Out of Business?

No, AIG is not going out of business. Although the company has made significant layoffs, the company is still in the business. 

  • Is AIG a Private Firm?

Yes, AIG is a private firm based in New York. This company operates in around 80 countries. 

  • Who is the Largest Shareholder of AIG?

Some of the largest shareholders of AIG are Wellington Management Group, LLP, Invesco Ltd., and Hotchkis & Wiley Capital Management, LLC. 

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