AIG to spin off mortgage unit, cut jobs in sweeping overhaul: Reuters

American International Group Inc said it would spin off its mortgage insurance unit, cut jobs and sell its broker-dealer network as part of a sweeping overhaul promised to shareholders to fend off activist investor Carl Icahn, Reuters reported. AIG agreed to sell AIG Advisor Group to U.S. private equity firm Lightyear Capital LLC and Canada's PSP Investments.

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