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AIG plans ‘gradual’ job cuts

AIG plans to make further job cuts in Bermuda over the coming year.

Staff at American International Company Limited in Bermuda have been told to expect a “gradual” reduction in employees over the next six months to a year and a half.

President and CEO in Bermuda David Valzania declined to give an exact number, but he said: “It will be a very modest adjustment to staffing levels here based on the business needs we have here and anticipate in the future.”

Several job cuts have already been announced, he confirmed, which includes the closure of the company’s Lexington property operation.

He said the company announced a month ago it was closing this operation.

It’s understood around three people, including two Bermudians worked for Lexington.

Mr Valzania said the company had alerted its staff and had met with Bermuda Immigration officials over the planned job cuts.

He said the company wanted to be “completely transparent” to its staff about the process.

This year’s layoffs follow a round of about 10 job cuts announced last year as part of a reorganisation at AIG.

Mr Valzania said AIG in Bermuda currently employs 150 staff at the landmark AIG building, of which around 80 percent are Bermudian.

And he said the company remained deeply committed to Bermuda, which was a significant part of its business.

“We just celebrated our 65th anniversary,” he said. “We have had a generation of staff work for the company and it’s a longevity and history here in Bermuda that we cherish.”

American International Group: Planning a gradual reduction of its headcount in Bermuda

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Published February 06, 2013 at 10:01 am (Updated February 06, 2013 at 10:00 am)

AIG plans ‘gradual’ job cuts

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