AIG To Replace Banks For New IPO

AIG intends to replace one or more lead underwriters for its upcoming sale of shares.

AIG intends to replace one or more lead underwriters for its upcoming sale of shares, The Wall Street Journal reports. The change comes due to the underperformance of the banks in AIG’s previous share sale, which raised only $8.7 billion in May.

The issue was led by Bank of America, Deutsche Bank, Goldman Sachs Group and JP Morgan Chase. The U.S. insurer will now select from a set of banks, consisting of Barclays Capital, Citigroup, Credit Suisse Group, Morgan Stanley, UBS and Wells Fargo, to co-manage the new offering.

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