American International Group (AIG) in the first quarter of the loss of up to 7.8 billion U.S. dollars.
The world's largest insurer American International Group (AIG) has announced that current chief executive officer (CEO) Martin Sullivan, be removed from office, the former Citibank executive Robert Weierlunsi Montand will be as the new CEO.
Sullivan was the main reason for removal of the firing line of the international groups in the loan-to-crisis suffered heavy losses. International Group first quarter of this year's deficit of up to 7.8 billion U.S. dollars, even higher than the fourth quarter of last year's 5 billion U.S. dollars. Two consecutive quarters of the high loss of the company's board of directors decided to make an emergency Huanshuai.
Shareholder pressure caused by
Sullivan was three years ago as chief executive of AIG, but he always faced with a major shareholder pressure to improve performance. Over the past few months, Sullivan has accepted the Board of Trustees in the final inspection, but the increasing uncertainty in recent weeks, he has no hope to get reelected. and then by the billionaire hold different views, such as the enthusiastic support of shareholders.
AIG recently reported that, due to credit default swaps and the loan-to-business losses, the first quarter of this year the group loss of 7.81 billion U.S. dollars. After the earnings release, AIG shares fell substantially in the New York Stock Exchange, its stock has been, such as rating agency Fitch lowered.
First quarter of this year, AIG loss equivalent to 3.09 U.S. dollars per share, compared with a year earlier profit of 1.58 U.S. dollars per share, the average analyst forecast is a loss of 76 cents a share. And many other financial services companies, like, AIG in the credit crisis has been severe impact, in the fourth quarter of the group were over 11 billion U.S. dollars of assets write-down. And the first quarter of this year, AIG Credit default swaps in the loss reached 9.11 billion U.S. dollars; investment for the loss of 6.09 billion U.S. dollars, mostly from mortgage-backed securities losses mortgage insurance losses 352 million U.S. dollars.
Plans to add 20 billion capital
AIG recently said the company plans to raise 20 billion U.S. dollars of funds for the loan-to-added dimension of the crisis and severely damage the capital.
Earlier, Sullivan, in a communication with investors at the meeting said, AIG issued more than 13 billion U.S. dollars of mixed stock and bond plan has been started. He said that allows the company to raise capital funds, "which have the ability to seize a number of emerging market investment opportunities, in addition to the great volatility in the credit market a firm footing."
This year, the company's stock in the Dow Jones index of 30 constituent stocks of the worst cumulative decline in more than 30 percent. According to another report, AIG has plans to sell some non-core business, will also be in the overseas market for new business development.
The world's largest insurer American International Group (AIG) has announced that current chief executive officer (CEO) Martin Sullivan, be removed from office, the former Citibank executive Robert Weierlunsi Montand will be as the new CEO.
Sullivan was the main reason for removal of the firing line of the international groups in the loan-to-crisis suffered heavy losses. International Group first quarter of this year's deficit of up to 7.8 billion U.S. dollars, even higher than the fourth quarter of last year's 5 billion U.S. dollars. Two consecutive quarters of the high loss of the company's board of directors decided to make an emergency Huanshuai.
Shareholder pressure caused by
Sullivan was three years ago as chief executive of AIG, but he always faced with a major shareholder pressure to improve performance. Over the past few months, Sullivan has accepted the Board of Trustees in the final inspection, but the increasing uncertainty in recent weeks, he has no hope to get reelected. and then by the billionaire hold different views, such as the enthusiastic support of shareholders.
AIG recently reported that, due to credit default swaps and the loan-to-business losses, the first quarter of this year the group loss of 7.81 billion U.S. dollars. After the earnings release, AIG shares fell substantially in the New York Stock Exchange, its stock has been, such as rating agency Fitch lowered.
First quarter of this year, AIG loss equivalent to 3.09 U.S. dollars per share, compared with a year earlier profit of 1.58 U.S. dollars per share, the average analyst forecast is a loss of 76 cents a share. And many other financial services companies, like, AIG in the credit crisis has been severe impact, in the fourth quarter of the group were over 11 billion U.S. dollars of assets write-down. And the first quarter of this year, AIG Credit default swaps in the loss reached 9.11 billion U.S. dollars; investment for the loss of 6.09 billion U.S. dollars, mostly from mortgage-backed securities losses mortgage insurance losses 352 million U.S. dollars.
Plans to add 20 billion capital
AIG recently said the company plans to raise 20 billion U.S. dollars of funds for the loan-to-added dimension of the crisis and severely damage the capital.
Earlier, Sullivan, in a communication with investors at the meeting said, AIG issued more than 13 billion U.S. dollars of mixed stock and bond plan has been started. He said that allows the company to raise capital funds, "which have the ability to seize a number of emerging market investment opportunities, in addition to the great volatility in the credit market a firm footing."
This year, the company's stock in the Dow Jones index of 30 constituent stocks of the worst cumulative decline in more than 30 percent. According to another report, AIG has plans to sell some non-core business, will also be in the overseas market for new business development.
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