Layoffs at GEICO

I didn’t see it mentioned here, so for folks who don’t also follow Reddit…

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woof, not a good look for GEICO’s new CEO

So now they have low pay, shitty work environment, AND no job security. Sounds like a dream job


I literally just saw the post on r/actuary and came here to see if someone had posted anything similar.

Absolutely crazy. I always viewed Geico as just another DC fed company that never laid anyone off, where employees were just expected to show up for 30 years and then retire.

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I honestly don’t know how GEICO employees survive DC’s COL with such shitty salaries

DC is not THAT expensive and in recent years Geico has made a point to increase pay. However it looks like they had to cut some deadweight to keep those salaries pumped up.

Maybe this is how they’re going to get savings for the next 75 years, and they’re trying to figure out the service part.

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in 15 minutes you can save 50% or more on salary expense


How many people were let go?

Per reddit/sources, about 70 out of 115 in the department/section/something no one can agree on, though there were apparently some more today as well.

also per reddit, it’s more like 70/250

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Reddit seems a bit all over the place on number of people and how many of them were actuaries, although it does seem they were all/mostly technical people including actuaries.

One of the Reddit threads links to this article: Layoffs at GEICO's R&D department

It mentions that the R&D department was 250, and 70 out of a 115 EE subunit within the 250 were laid off.

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Well that sucks. I never like to see anyone laid off. If any GoAers were among the casualties, I’m sorry. :hugs:

(We need a better hug emoji.)

was gonna say…
that doesn’t look like hugging at all

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It looks like jazz hands. But sadly, that IS the hug emoji.

Those aren’t Spirit Fingers.

THESE are Spirit Fingers!


DC has an extremely high cost of living…easily $2000 for a studio. And most new GEICO employees now start around $70K/year. I worked at GEICO for 4 years (recently), have a masters degree, made it to a managerial level, and still didn’t top $90K. As a single person in the DC area with student loans, ends weren’t meeting. They’ve worked recently to increase salaries but the lackluster other benefits make their overall compensation much lower than a lot of other DC companies.

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So what you’re saying is they don’t pay entry-level employees 45k anymore? Nice!

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I started in 2016 at $57 and by late 2019 the analysts under me were starting at $70. They finally figured it out. Lol. Other departments like marketing started much lower still though