NEW YORK (
American International Group
is looking to cut costs where it can. Its latest attempt: initial public offering fees.
The flailing insurer is attempting to halve the fees paid to banks for IPOs of its units, Bloomberg reported, citing AIG's new leader Robert Benmosche.
AIG has been receiving advice from banks like
JP Morgan Chase
for its two planned IPOs.
AIG is working on an IPO of American International Assurance, a Hong Kong-based life insurer, and may issue a public offering of American Life Insurance.
Benmosche also said he wanted to reign in fees charged by attorneys and consultants, Bloomberg reported.
Benmosche has previously announced that he is hesitant to sell off AIG's units for barrel-bin prices in an effort to repay the insurers massive $85 billion loan from the government.
Shares of AIG continued to fall from its unprovoked gains last week, tumbling 6% to $33.89 in pre-market trading.
-- Reported by Jeanine Poggi in New York
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