AIG Reports Third-Straight Loss on Hedge Fund Declines

The transcript discusses AIG's financial challenges, focusing on hedge fund losses and their impact on various business lines. AIG plans to cut its hedge fund holdings to reduce volatility. New board members, including Carl Icahn and Paulson, are expected to influence strategic changes, although they are currently restricted from agitating for management changes. AIG is restructuring globally, exiting several countries, and selling assets, including a significant stake in China. The company is also reducing operating expenses by cutting jobs, particularly at senior levels, to improve financial performance.

What challenges does AIG face in turning around their results according to the text?

What measures is AIG taking to reduce operating expenses?