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AIG takes axe to 900 US jobs
AMERICAN International Group’s money-losing consumer finance unit yesterday said it eliminated 900 jobs and closed 145 branches in the first half of the year, and may make further cutbacks as it prepares to be sold.
In a regulatory filing, American General Finance said its quarterly loss increased sevenfold to $227.2m from $31.8m a year earlier, as revenue declined 32 per cent. American General has lost $467.8m this year, after losing more than $1.3bn in 2008. It has lost money for six straight quarters. The cuts represent about 11 per cent of the workforce.