Maurice “Hank” Greenberg today confirmed he would be standing down as chairman of AIG.

In a letter from his lawyer Greenberg said he would end his four decades at the top of the world's largest insurance firm within days.

AIG is one of several insurers currently being probed for suspicious transactions by New York attorney general Elliot Spitzer.

Greenberg, who is 79, had been at the helm since 1967, turning AIG into a global operation with 50 million customers in 130 countries and a market value of $168.5bn.