BUSINESS
07/11/2011 08:35 am ET | Updated Sep 10, 2011

AIG Plans To Replace Wall Street Banks In Next Sale Of Shares

PHILADELPHIA (Jessica Hall) - American International Group (AIG.N) plans to replace one or more Wall Street banks in its next sale of shares from the U.S. government, The Wall Street Journal reported on Sunday.

AIG has not yet decided which investment banks it would cut, but it plans to make changes in the lead underwriters before the next share sale later this year, Chief Executive Robert Benmosche told the newspaper.

Benmosche was disappointed in the bank's efforts to drum up interest in the previous offering, the newspaper said.

Only one or two of the four lead firms will change in the lineup, the report said. Some bankers have contacted AIG in an effort to protect the assignment, it said.

AIG's recent share offering was led by Bank of America Corp (BAC.N), Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N) and J.P. Morgan Chase (JPM.N).

(Editing by Vinu Pilakkott)

Copyright 2011 Thomson Reuters. Click for Restrictions.