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- Deutsche Bank Bullish on London Despite Brexit
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- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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.