American General Finance Layoffs
Black Hill

San Francisco, CA

#5754 Feb 11, 2013
State Max wrote:
Hey but don't worry you'll have iPad's to look for new jobs on ....
http://mobile.reuters.com/article/idUSL1N0B5G...
They're doing everything but selling the bathroom sinks. But at least Levine and Co. can fly into Evansville without having to wade through airports.
State max

United States

#5755 Feb 11, 2013
Wake up another good dm let go today because he wouldn't by the company line no questions asked and dared to think for himself. Look at the huge talent drain at the dm position over the last 4 months then look at the lack of integrity of the people filling those spots yes men that will do whatever they are told to do to keep the company happy. Do you really want to work for a company that travels around and says how great things are while plotting to let people go at the same time? Wake up the smart ones are leaving the company while there are still good jobs to be had. You don't have to live like this there is a better way.
Moving on

Lockhart, TX

#5756 Feb 11, 2013
State max wrote:
Wake up another good dm let go today because he wouldn't by the company line no questions asked and dared to think for himself. Look at the huge talent drain at the dm position over the last 4 months then look at the lack of integrity of the people filling those spots yes men that will do whatever they are told to do to keep the company happy. Do you really want to work for a company that travels around and says how great things are while plotting to let people go at the same time? Wake up the smart ones are leaving the company while there are still good jobs to be had. You don't have to live like this there is a better way.
Who got let go today? I thought the closings were done and things were going great!!!! I guess that's been all a lie???
Wow

Lockhart, TX

#5757 Feb 11, 2013
Looks like DKG is back in charge getting rid of all that crossed her...I agree some people need to look in the mirror cause the reason things are not working is because she keeps doing the same things that don't work and hasn't workred for years
State max

United States

#5758 Feb 11, 2013
Yep great guy in Houston let go because he wouldn't put his head up her ass. If Texas is the #1 market in the company and they are letting her call the shots no wonder Levine has already sunk two companies. Looks like they are going for a three peat.
honest john

United States

#5759 Feb 12, 2013
Its coming down the pipe second week of march, we will be filing bk, receiveables will be liquidated and sold. What a great ride while it lasted.
honest abe

Plano, TX

#5760 Feb 12, 2013
honest john wrote:
Its coming down the pipe second week of march, we will be filing bk, receiveables will be liquidated and sold. What a great ride while it lasted.
Source?
Mr M

Tucker, GA

#5761 Feb 12, 2013
State max wrote:
Yep great guy in Houston let go because he wouldn't put his head up her ass. If Texas is the #1 market in the company and they are letting her call the shots no wonder Levine has already sunk two companies. Looks like they are going for a three peat.
You must be talking about Tom Klienman, he was a good supervisor. Collateral Damage for Ms Gwens Vengence.
Mr M

United States

#5762 Feb 12, 2013
Mission impossible part 3....
CasFrAmBmDmAdoDo

Sperry, OK

#5763 Feb 12, 2013
Bk, really?
I cannot tell a lie

United States

#5764 Feb 12, 2013
While I think bk is a foregone conclusion I would be surprised if it was happening as fast as next month. The company has put out completely unrealistic growth goals and one of two things will happen now both lead to bk. 1) The growth goals are obtained in which case credit quality will have been sacrificed so much that charge off will literally eat the company alive. In this senerio the company might actually turn a profit for a quarter or two before charge off takes us back into the red forever. 2) The growth goals are not obtained in which case the required revenue to turn a profit is not generated and the company files bk. This would be the cleaner way but my gut says that the first senerio is how it will go down. So beware of the wolves in sheep's clothing saying "look how much we are gaining and look we've turned a profit " because anyone that is honest with themselves knows that kind of growth with these kind of rates is not sustainable and when the check comes due charge off is going to blow. I would say this would all play out by the end of the first quarter of 2014 at the latest. PS look how they are beefing up staff at hq in the lending and collection areas they are building to shut down the brick and mortor if they have to.... Don't say you weren't warned

Since: Feb 13

Location hidden

#5765 Feb 12, 2013
I cannot tell a lie wrote:
While I think bk is a foregone conclusion I would be surprised if it was happening as fast as next month. The company has put out completely unrealistic growth goals and one of two things will happen now both lead to bk. 1) The growth goals are obtained in which case credit quality will have been sacrificed so much that charge off will literally eat the company alive. In this senerio the company might actually turn a profit for a quarter or two before charge off takes us back into the red forever. 2) The growth goals are not obtained in which case the required revenue to turn a profit is not generated and the company files bk. This would be the cleaner way but my gut says that the first senerio is how it will go down. So beware of the wolves in sheep's clothing saying "look how much we are gaining and look we've turned a profit " because anyone that is honest with themselves knows that kind of growth with these kind of rates is not sustainable and when the check comes due charge off is going to blow. I would say this would all play out by the end of the first quarter of 2014 at the latest. PS look how they are beefing up staff at hq in the lending and collection areas they are building to shut down the brick and mortor if they have to.... Don't say you weren't warned
I'm somewhere in the middle here... while I agree we are beginning to lend with reckless abandonment, if we make it into 2014 a good portion of c/o on these bad loans will have already taken it's bite. I doubt we shut down next month but I don't believe we start the 4th quarter.

I-pad promos for growth, even though this is a heavy payoff time of year, is very achievable and looks like they care so much about 1st quarter results that they are loosening the purse strings when they have never done so before.

Gas coupons to encourage customers to not be 1st pay defaults

Feels like we have 6 months to live here...
I cannot tell a lie

United States

#5766 Feb 13, 2013
Not to disagree because I think we are on the same page overall but if you make a loan today and they make at least two payments you won't charge it off by rule until the 4th quarter at the earliest so I see charge off not spiking until 4th quarter 2013 early 2014 then staying unsustainably high.

Since: Feb 13

Location hidden

#5767 Feb 13, 2013
I cannot tell a lie wrote:
Not to disagree because I think we are on the same page overall but if you make a loan today and they make at least two payments you won't charge it off by rule until the 4th quarter at the earliest so I see charge off not spiking until 4th quarter 2013 early 2014 then staying unsustainably high.
You're right, didn't really think it through all the way. That puts the bubble in the 4th quarter, if there is any move to be made that doesn't involve bk one would think they would make it before it pops. We'll see...
No way

United States

#5768 Feb 13, 2013
Company is much stronger now... And we are over the bad times... The bk talk is nonsense... Get back to work and grow your branch or share the link
Black Hill

San Francisco, CA

#5769 Feb 13, 2013
No way wrote:
Company is much stronger now... And we are over the bad times... The bk talk is nonsense... Get back to work and grow your branch or share the link
Sure that's why they're selling or securitizing everything but the fountain in front of HQ. but I haven't checked Craigslist today for a slightly used fountain. Levine's an undertaker, not an operator. If the finance guys are "retiring" early like Breivogel, the writing's on the wall
Free money

Lockhart, TX

#5770 Feb 13, 2013
The good news is the severance pay is still being handed out like candy...just ask the Houston DM...let go so they can promote a new DM ????figure that one out... I'll be waiting on mine....I hope it comes soon...I'm tired of making bad loans...and charging them off...lets grow everyone
Good ole boy

Lockhart, TX

#5771 Feb 13, 2013
The good ole boy network is in full force..and now hiring. Only yes people need to apply... No self thinkers needed they may interfere with the plan..project close down Texas like Florida and Puerto Rico...
funny

Springfield, IL

#5772 Feb 14, 2013
Good ole boy wrote:
The good ole boy network is in full force..and now hiring. Only yes people need to apply... No self thinkers needed they may interfere with the plan..project close down Texas like Florida and Puerto Rico...
The good ole boy network has been in full force for years. That's why you see qualified employees being let go in order to promote the "yes men" that will follow them around like sheep. It's a shame what this company has become.
True

Lockhart, TX

#5773 Feb 14, 2013
funny wrote:
<quoted text>
The good ole boy network has been in full force for years. That's why you see qualified employees being let go in order to promote the "yes men" that will follow them around like sheep. It's a shame what this company has become.
The talent drain alone will sink the company faster than anything... The leaders left will continue doing as they have always done but only faster since there are less people to get in the way...I guess once the keys get turned over to the new future and once DO in Texas, let the games and spending begin

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