American InternationalGroup Inc.'s U.K. operations CEO, Anthony Baldwin, notified employeesof a plan to cut staff in the country, Bloomberg News reported April 6, citing "peoplefamiliar with the plan."
The plan may involve eliminating 125 positions, which represents5% of the workforce for AIG's U.K. operations.
Job cuts are part of a cost-cutting program initiatedby the company to save $1.6 billion through 2017, a company spokesman told the newsoutlet. However, he did not comment on AIG's U.K. operations. The company in Januaryannounced a number of plans to deepen cost cuts and streamline its operations aftershareholders, led by Carl Icahn, urged the company to split itself into three distinctentities.
The insurer is also reducing jobs at five locations in New YorkCity, according to the report.