Updated: 14th August 2009, 0325 hrs
AIG's consumer finance unit cuts 900 jobs, closes 145 branches
Bailed out insurer American International Group's (AIG) money-losing consumer finance unit has cut 900 jobs and closed 145 branches.
American General Finance Corp carried out the cost-cutting measures in the first half this year, and may make further cutbacks as it prepares to be sold.
It says its quarterly loss increased sevenfold to 227 million US dollars from 32 million US dollars a year earlier, as revenue declined 32 percent.
American General has lost 468 million US dollars this year, after losing more than 1.3 billion US dollars in 2008.
It has lost money for six straight quarters.
The job and branch cuts represent about 11 percent of its total.
Parent AIG is trying to sell assets to help repay the US government, after accepting a series of federal bailouts totaling roughly 180 billion dollars.
AIG's consumer finance unit cuts 900 jobs, closes 145 branches
Bailed out insurer American International Group's (AIG) money-losing consumer finance unit has cut 900 jobs and closed 145 branches.
American General Finance Corp carried out the cost-cutting measures in the first half this year, and may make further cutbacks as it prepares to be sold.
It says its quarterly loss increased sevenfold to 227 million US dollars from 32 million US dollars a year earlier, as revenue declined 32 percent.
American General has lost 468 million US dollars this year, after losing more than 1.3 billion US dollars in 2008.
It has lost money for six straight quarters.
The job and branch cuts represent about 11 percent of its total.
Parent AIG is trying to sell assets to help repay the US government, after accepting a series of federal bailouts totaling roughly 180 billion dollars.
