Exclusive: AIG wants pledges on retention cuts by Tuesday

NEW YORK (BestGrowthStock) – American International Group Inc has given employees of its Financial Products unit until Tuesday to accept a cut in money owed to them under a retention plan, according to proposals obtained by Reuters on Monday.

AIG is asking current Financial Products employees to take at least a 10 percent cut on the cash portion of the payment due to them, according to the proposal, signed by AIG Financial Products Chief Operating Officer Gerry Pasciucco.

A separate proposal asks former Financial Products employees to accept a discount of at least 20 percent.

Both sets of employees would get the payments by February 5 if they accept the cuts. AIG has until March 15 to make the payments, according to the proposals.

Stock Report

(Reporting by Paritosh Bansal; editing by Carol Bishopric)

Exclusive: AIG wants pledges on retention cuts by Tuesday