Travelers has just announced layoffs of approximately 200 employees, 80% back end developers / actuaries, 20% front end product people.
Insurance is a rather interesting case because the young upstarts are gunning for the legacy firms. And drawing blood. This is an industry that badly needed disruption. Privately held behemoth Nationwide Insurance, has been doing layoffs on a continuous basis.
I was thinking of applying to their AALDP program for an entry level data scientist position. Any layoffs there? How is it working as a data scientist at traveler's?
The LDPs don't need to worry about layoffs. They usually get treated pretty well
The people that I know to be affected were IT middle management - Sr. Directors and 2VPs
Some MD’s too. Looks like they were removing redundancies. Lots of that in actuarial and I suspect they’d like to see managers have 6-8 direct reports instead of just 4.
Sign of recession
Rofl, no no it's not. A recession is 2 quarter's of negative growth, layoffs are often a sign of business growth and causes stock values to rise. This is especially true during economic expansions. Layoffs don't cause recessions but recessions may cause layoffs. I cannot wait for an actual recession only so the n00bs on blind can learn how good recessions are for them and their businesses.
This has been in the works for a while now so I don't think it's due to a recession