NU Online News Service, Sept. 6, 10:24 a.m. – American International Group Inc., New York, says it will cut 1,500 jobs over the next 18 months.
Some of the cuts will come from attrition, and some from streamlining the company as AIG realigns its operations to adjust to the recently completed acquisition of American General Corp., Houston, AIG says.
AIG now employs 85,000 people.
AIG is rumored to be giving departing American General workers severance pay equal to at least four months of base pay.
AIG also says its board has authorized the purchase of up to 10 million shares of the 2.5 billion shares of common stock now in the hands of public investors.
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