Peter Hancock seen as a possible successor to Benmosche

Peter Hancock, one of the inventors of the credit derivatives that sparked the financial crisis, is to oversee risk, finance and strategy at AIG’s Financial Products division, the FT reports.

He is currently vice-chairman at the regional lender KeyCorp. His new role will position him as a potential successor to the chief executive Robert Benmosche, the FT said.

Hancock will receive a pay package of up to $7.5m for this year, signed off by Kenneth Feinberg, the Obama administration’s pay czar.

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