AIG to cut 3% of global staff despite profits

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.