MCKINSEY DISMISSED BY AIG, SOURCES CLAIM

New York-based insurer AIG has dismissed McKinsey as an adviser for its restructuring, reports Bloomberg, citing two unnamed sources familiar with the matter. McKinsey had been hired in march under AIG's ex-CEO Edward Liddy. Recently appointed AIG boss Robert Benmosche is understood to have decided to reduce consulting fees on AIG's hoped-for recovery. In August, in Mr Benmosche's now famous "town-hall" speech to staff, he said that AIG had failed to look in its own backyard for skills, preferring instead to spend money on external consultants, lawyers and bankers.