Outside of incurring billions of dollars in damages related to Hurricane Sandy, American International Group (AIG) has been on a nice little run of late, beating fourth quarter estimates and freeing itself of government ownership, all while becoming the new darling stock of the hedge fund world. Now, with the taxpayer bailout behind it, AIG is re-establishing itself as a global life insurer, and plans on making a big sales hiring push.
AIG is expanding its consumer life insurance business into emerging markets like China and Turkey while bringing on contractors as full-time staffers in other regions, Chief Executive Officer Robert Benmosche, told Bloomberg.
“We are hiring and we are going to continue to hire,” said Benmosche, who took over in 2009 soon after the U.S. insurer nearly collapsed in bankruptcy. “We’re going to bring work in that we’ve given to contractors and start doing more ourselves.” AIG didn’t immediately respond to requests for comment on its specific hiring goals.
While planning on adding headcount throughout 2013, AIG, like many other financial services companies, is looking to cut costs by moving operations to lower-cost locales, including in the U.S.
AIG isn’t the only firm in the industry eyeing emerging markets. Several non-life insurance companies are encouraging senior insurance professionals to jump to places such as Brazil, Mexico and Argentina to tap into Latin America’s growth opportunities. And many of the hot global insurance jobs aren’t in sales.
Following a near five-year hiatus, robust M&A activity has returned in 2013, and with it the potential of hiring in an industry that has seen significant workforce reductions since the birth of the economic crisis.
Susan E. Carroll, chief operating officer of Morgan Stanley Bank, passed away last week of an autoimmune liver disease. She was 50.
Keith Anderson, former chief investment officer at Soros Fund Management, is planning to launch his own hedge fund later this year. Anderson has already made several high-profile hires, including former Credit Suisse vice-chairman Douglas Paul.
Mortgage hiring may be on the rise, but employers – particularly big banks – aren’t making near as much on new loans due lower rates caused by increased competition. Margins may be down as much as 40%.
Former IMF chief Dominique Strauss-Kahn has been called a lot of things over the last two years. The latest comes from a former lover, who called him “half man, half pig” in a new book, aptly named “Beauty And The Beast.”
UBS has named Mark Yallop its new group country chief executive in the U.K., giving him complete reign over the bank’s British operations. Yallop was formerly the chief operating officer at ICAP and Deutsche Bank.
Recruitment in the hedge fund world has been active, with some firms painting a picture of expansion in 2013. Here’s our top ten.
ING Chief Executive Jan Hommen will step down from his post on Oct. 1. He will be replaced by Ralph Hamers, current head of ING’s Belgian and Luxembourg banking unit.
Buzz Around the Office
There is no way Michael Jordan, even on his best day, could pull off what William Carey University cheerleader Ashlee Arnau did on a basketball court.
List of the Day: Tough Questions
Here are three common interview questions that often trip up job seekers, straight from the hiring managers who asked them.