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Report: AIG to Drop Some Banks from Next Offering

When it sells stock to the public later this year, insurance giant American International Group Inc. is planning to replace one or more of the four investment banks that managed its share offering in May, according to a published report.

By Associated Press | Updated on July 11, 2011

WASHINGTON (AP) — When it sells stock to the public later this year, insurance giant American International Group Inc. is planning to replace one or more of the four investment banks that managed its share offering in May, according to a published report.

The Wall Street Journal reported Sunday that AIG Chief Executive Robert Benmosche said that while the company has not yet decided which banks to drop from its lead underwriting team, it will definitely make changes in the lineup following a disappointing outcome in May. Benmosche said he expects the underwriters for its next offering to do a better job of drumming up interest in AIG’s shares.

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