300 AIG jobs under threat (From Your Local Guardian)

300 AIG jobs under threat

9:59am Tuesday 7th October 2008 in

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More than 300 jobs could be under threat as insurance firm AIG tries to repay its £85billion debt to the US Government.

The firm’s Croydon-based life insurance wing has been earmarked for sale, although the firm are yet to receive any bids.

AIG was saved from bankruptcy in mid-September when the US government gave it a massive financial bail out.

The company, which sponsors Manchester United Football Club, employs 318 people in its Croydon office, and has another office in the City.

A spokeswoman for AIG said: “It is possible that the life insurance wing may be put up for sale as an ongoing business.

“But at the moment this is an announcement from AIG that if someone was interested in buying it they would entertain discussions.

“It is very preliminary and it is hard to say the affect on jobs.”

AIG is looking to reshape itself into a global property and casualty company with a stake in an overseas unit that sells life policies in China, Korea and India.

In the UK, AIG provides a range of health insurance and protection products to both individuals and companies.