Chartis has lost no-one through pay curbs
NEW YORK (Reuters) - Bailed out insurer American International Group Inc's global property-casualty division has not lost any employees because of pay limits imposed by Washington, the unit's chief financial officer said yesterday.
Robert Schimek praised AIG chief executive Robert Benmosche — who reportedly was distressed enough about pay curbs to threaten to quit — for standing up for employees.
"That's just Bob saying 'I want to get it right for these people," said Schimek, who has known Benmosche for many years, having worked closely with him on MetLife Inc's initial public offering earlier this decade. The Obama administration's pay czar Kenneth Feinberg said last month that renegotiating bonuses for AIG employees was a "top priority", adding he believed he could do so without losing key employees. Schimek estimated that about one-fifth of the 100 senior managers affected by the pay restrictions work for the global property-casualty division. The unit was renamed Chartis in July.