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- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
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NEWSLETTERS & ALERTS
CEO Hancock Resigns After Paring AIG Headcount by 10,000
[Photo: by Gloria Baker, AIG
American International Group has begun the search for a new chief executive after Peter Hancock announced he will resign. He will remain until a successor is named. Mr. Hancock, who’s been in the job just over 2 years, had spearheaded a restructuring of the giant insurer, which included reducing the firm’s number of employees by 10,000 in just one year. [See Financialish Article posted 2/27/17]. Unfortunately, AIG’s problems have persisted as the insurer’s net loss widened to $3 billion in the 4th quarter from $1.8 billion one year earlier.
Carl Icahn was pleased to learn of Mr. Hancock’s resignation. Icahn, who’s company Icahn Associates owned about 45 million shares of AIG at the end of the year – making it AIG’s 4th largest shareholder - has been calling for a breakup of the company. For one thing, Icahn had said that a split would help AIG rid itself of the regulatory burden of being a systemically important financial institution.
And we know how Mr. Icahn feels about regulations – particularly those that impact his investments.