Cuts will affect 1,500 staff primarily in the property/casualty unit
AIG is cutting about 3% of its global workforce, primarily in its property/casualty unit.
As one of the company’s main divisions, it covers homes, cars and businesses. The cuts are expected to affect 1,500 staff.
AIG has recorded a profit in seven of the past eight quarters following a reduction in its non-core businesses and expenses.
The American insurance company was bailed out during the financial crisis. It faced near failure when financial bets tied to the subprime mortgage market backfired.