American General Finance Layoffs
So tired

Newburgh, IN

#4217 Jan 25, 2012
sick of it wrote:
Birmingham al looks like branches will be closinf
What's going on?
More tired

Springfield, IL

#4218 Jan 26, 2012
I hear branches are closing all over the midwest starting tomorrow. Any truth to that?
Wondering

United States

#4219 Jan 26, 2012
More tired wrote:
I hear branches are closing all over the midwest starting tomorrow. Any truth to that?
Which state or states did you hear that were going to have closings tomorrow. Why would they do that with just a few days left in the month?
More tired

Springfield, IL

#4220 Jan 26, 2012
Wondering wrote:
<quoted text>
Which state or states did you hear that were going to have closings tomorrow. Why would they do that with just a few days left in the month?
I know Illinois for sure. I don't think the end of the month bothers those in charge. It's close and go.
sick of it

Muscle Shoals, AL

#4221 Jan 26, 2012
any truth to it?
my body is weary

United States

#4222 Jan 26, 2012
Define "midwest." Just illinois? What other states?

Since: Jan 12

Location hidden

#4223 Jan 26, 2012
there is no way fortress can pay their 2.7 bil debt for 2012. liquidity issues. will have to sell off springleaf..credit is junk grade and can not borrow money
hopeful

Jackson, MS

#4224 Jan 26, 2012
what about branches in the south like MS

Since: Jan 12

Location hidden

#4225 Jan 26, 2012
i hear several

Since: Jan 12

Location hidden

#4226 Jan 26, 2012
retail financing is going next..yield not as high as consumer

Since: Jan 12

Location hidden

#4227 Jan 26, 2012
what is your consumer yield and size of consumer portfolio?

Since: Jan 12

Location hidden

#4228 Jan 26, 2012
ms that was to u
my body is weary

United States

#4229 Jan 26, 2012
No branch is safe. I'm sure they will consolidate branches, and high(er) salaries are let go first. With no mortgages the company can't maintain current salaries to managers.

Since: Jan 12

Location hidden

#4230 Jan 27, 2012
It goes down today
my body is weary

United States

#4231 Jan 27, 2012
Any specifics sickkkk of it?
honest john
#4232 Jan 27, 2012
u all are nuts....nothing is happening. quit worrying and get back to work.
this sucks

United States

#4233 Jan 27, 2012
Who has an impalla in their parking lot?
Me_from_Here

Martinsville, NJ

#4234 Jan 27, 2012
Lady wolves wrote:
Everyone fails to understand what a private equity company does. Typical private equity is driven on ROI, return on investment driven by large pension funds, university endowments and wealthy investors. Their job is NOT to buy companies and run them. It's to buy them dirt cheap, reorganize in a dramatic way to bolster huge returns and lower expenses commensurate with improved returns. That's why no DM conference. No Best Operator. Raises a fraction if any. New hires with lower starting salaries and of course, work the ass off SALARY personnel so that they don't have to pay for overtime.
What is likely going to happen is that the company is readying Figleaf for dismatling (selling off recievables) or spinning this off to yet another owner to realize double digit returns to thier investors. YOU ALL will never know or even be in the fold on whats going on.
I am so gald I left on the life boats before all of this. You are all paid passengers on the Titanic...The world is NOT ready for loan sharks of that size anymore. That's why Citi sold it's unit. The model is anitiquated and legislators are on the prowl for your predatory lending. THAT's the next round of withch hunting.
Get out noww while you can. Have you all notice Standard and Poor's ratings of Springleaf??? Short term debt both domestic and foriegn is "C". That means pending bankruptcy. Look for yourself.
Very well stated. Fortress is a private equity firm as opposed to an leveraged buyout organization. As such, a PE is a non-public and acquires capital from select group investors based upon a track record of providing an enormous ROI to its investors. Because they are private, management does not have to disclose anything to anyone.
The bottom line is this...if you are willing to work for them, great. If you want to leave them, that is great too. In any case, while they "turn around" the company, expenses will continue to be slashed. Payroll is their biggest expense. So, if you are willing to work for them, do not expect significant raises. You are simply a gear in their overall strategy of providing a return to their investors. The more you make, the greater the expense and less of a return on investment. It is that simple.
But think about it. Nothing has changed. AIG was simply a public equity organization that engaged in the same strategy when it acquired American General. All Rick Geisinger et al gave a crap about was providing NOI to AIG. Very little has changed in this aspect.
Being employed in this economy is a very good thing. I got out years ago and yes -you all are correct- the comical demands and goals you are given are unattainable. There is no shame in being employed given the bullcrap you go through in one day at that place. It is called survival.
Ironically enough, a dysfunctional American General somehow did manage to hire quality people.(Like any place, they did pick more than their fare share of dogs...but these individuals certainly gave you a lot to laugh about and kept you entertained!) Unfortunately, AG never did anything to retain the good talent. Instead, it was pushed out the door.
My point: Understand what you are a part of and do not take it personal. Your DM, ADO and DOs certainly do not. When the opportunity arises, get the hell out.
All the best!
Wondering

United States

#4235 Jan 27, 2012
It's pretty quiet out there. Sounds like someone needs to get their information from a better source.
Kesha

Dallas, TX

#4236 Jan 27, 2012
This place about to blow !!!!

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