The fallen giant AIG is expectedly cutting it's exposure to consumer landing - the Bloomberg reports on 8/17/2009 the following: Aug. 13 (Bloomberg) -- American International Group Inc.'s money-losing consumer lender slashed 900 jobs in the first half of the year as revenue plunged amid the recession.
American General Finance Corp. also closed 145 branches, the Evansville, Indiana-based lender said today in its quarterly report to regulators. The cuts represent about 11 percent of the 7,900 employees American General had as of Dec. 31, according to a separate regulatory filing. The company has about 1,400 branches according to its Web site.
The consumer unit scaled back lending and securitized receivables after losing access to usual funding sources. American General recorded a $1.3 billion net loss last year tied to subprime mortgages and was cut to the lowest investment grade by Moody's Investors Service last month.You can see the reminder of the story here: http://www.bloomberg.com/apps/news?pid=20601103&sid=asbybmo9wxlo