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According to AllThingsD, the embattled insurer tapped former Goldman Sachs executive Peter Hancock to be the company's new CEO.
Hancock and his team "will chart the company's path in the coming years while preserving [AIG's] unique culture and outstanding financial performance."
AIG, which has received a $182 billion bailout from the federal government, announced the departure of its CEO, Peter Hancock, on Monday.
But the news that the insurer tapped a former Goldman Sachs executive to be its new CEO highlights just how large the company's workforce remains.
According to AllThingsD, Hancock has a team of about 100 executives under him. In addition, there are more than 1,500 people on AIG's payroll.
Some of those employees will likely remain with the company as Hancock charts its future. But some may leave AIG as the company's financial situation continues to decline.
AIG, which is still awaiting approval from the government to begin winding down its business, is facing billions of dollars in potential liabilities as it writes off the assets it has acquired.
The firm is also facing a potential employee pension shortfall of between $18 billion and $27 billion, according to regulatory filings.
As AIG continues to face such a difficult financial situation, its workforce is likely to decrease.
The company's decline mirrors that of its parent company, the American International Group (AIG). As Business Insider's Lily Katz has noted, the insurer "has a staggering work force of 158,000, but last year its employee count dropped by 31,000."
AIG's size is likely a major factor in the firm's financial struggles. For example, the firm was able to lock in tax breaks and other subsidies because it is still so be359ba680
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