Greenberg confirms job losses from integration

NEW YORK - Some job losses will result from the integration of American International Group (AIG) and American General, AIG chairman Maurice Greenberg has confirmed. In a conference call following the closing of the $23bn deal, Mr Greenberg said AIG's domestic life operation would be merged with American General's, resulting in some lay-offs. "As with any consolidation of two major organisations that is unfortunately inevitable," he said. AIG will release detailed plans of the job losses after Labour Day (next Monday). Mr Greenberg first hinted at job losses a few months ago when the deal was agreed.