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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
AIG Headcount Falls by 10,000 in One Year
AIG employee headcount is 51% lower than during financial crisis.
American International Group’s headcount fell by 10,000 last year as CEO Peter Hancock sold units and cut jobs. The number of employees fell by 15% to 56,400 as of 12/31/16, which compares to 116,000 at 12/31/08. Like his predecessors, Robert Benmosche and Edward Liddy, Hancock has been shrinking the company that longtime CEO Maurice “Hank” Greenberg had built into the world’s largest insurer.
“We expect to see the results from our improved underwriting platform, reduced expense base and the strong improvement in our business mix,” Hancock said last week in a statement announcing a fourth-quarter loss of $3.04 billion that was driven by swelling claims costs.
AIG has also been moving jobs to lower-cost locations and cutting positions, including hundreds of posts in New York and the U.K. He told staff in a town-hall meeting in late 2015 not to count on lifetime employment with the company.
Hancock also has been striking reinsurance deals to simplify the company. He announced an agreement in January to pay Warren Buffett’s Berkshire Hathaway Inc. about $10 billion to take on risks from policies that AIG initiated in prior years. The CEO reached a separate reinsurance contract with Swiss Re AG last year.