AIG cuts back staff at investment arm
Evening Standard
16 December 2008, 11:25am
Embattled insurer American International Group is axeing 6% of staff at investment arm AIG investments, with key jobs in London among them.
Ion Bogdaneris: is among key job losses at the embattled insurer
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Ion Bogdaneris, head of its European alternative investments business, is leaving along with Raj Ranawat, a London-based managing director with the arm's direct investments group, and Devesh Bajoria, a senior analyst in the private-equity funds-of-funds group in New York.
The group had 1950 employees before the lay-offs.
News of the job losses came as AIG unveiled the sale of assets with a face value of $39.3bn (£25.7bn) to a fund established by the Federal Reserve Bank of New York for $19.8bn.
AIG's new fund, Maiden Lane II, was created to hold mortgage liabilities from an AIG securities lending portfolio that caused huge losses to the company, sparking a $152bn rescue package from the US taxpayer.
The deal is part of a plan to clear the insurer of its obligations on mortgage debt.
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