Home / Eco-Finance / American International Group (NYSE:AIG) Receives $1.2B of Proceeds From Those Redemptions- JPMorgan Chase (JPM), On Deck Capital (ONDK)

American International Group (NYSE:AIG) Receives $1.2B of Proceeds From Those Redemptions- JPMorgan Chase (JPM), On Deck Capital (ONDK)

American International Group, Inc. (NYSE:AIG) [Detail Analytic Report] reported that it has submitted notices of redemption for $4.1B of those holdings from side to side end of first quarter. CFO Sid Sankaran declared on Tuesday in a conference call discussing results at the New York-based insurer that as of today, they have received $1.2B of proceeds from those redemptions. Hedge funds helped drive a $183M Q1 net loss, insurer’s third-straight unprofitable period, AIG declared in a statement Monday following markets closed.

The firm is scaling back from those holdings and instead betting on highly rated bonds along with property lending. The shift designed to limit volatility and free up capital, helping Chief Executive Officer Peter Hancock in his plan to return $25 billion to shareholders over two years. Hancock stated on the call that their market-sensitive assets persist to drop. In Q1, they reported 65 cents of operating EPS, comprising market-related losses of 48 cents, largely because of hedge funds. On the other side, American International Group Inc. declared recent natural disasters, including flooding in Texas and earthquakes in Japan and Ecuador, will cost the insurer at least $200 million, according to Bloomberg. The cost could be as high as $300M, Sid Sankaran, the chief financial officer for the New York-based insurer, said Tuesday in a conference call.

JPMorgan Chase & Co. (NYSE:JPM) [Detail Analytic Report] recently reported that it appointed two former Bank of Japan officials for its research business in Tokyo. Hiroshi Ugai, who was a deputy director general at the BOJ, was recruited current month as a senior economist, according to U.S. firm said in an e-mailed statement. Rie Nishihara, who also had a stint at the central bank, was hired as a senior analyst covering the banking industry. JPMorgan has been bolstering its Japanese equity research team. Foreign banks in Japan are surging adding former central bank officials for research roles, by means of Citigroup Inc. appointing Katsuhiko Aiba previous month as an economist in the country.

Ugai spent over 30 years at BOJ following graduating from University of Tokyo in 1983. Nishihara started her career at central bank in 1994 after graduating from the same university, and most recently worked at Mizuho Securities Co. since 2012.

On Deck Capital, Inc. (NYSE:ONDK) [Detail Analytic Report] falls down to knees, shares dropped over 34% during Tuesday after Small Business Week is underway with Small Business Administration (SBA) events slated for week in Georgia, Colorado, Arizona and California and OnDeck (ONDK) is recognizing the occasion by releasing new data highlighting the nearly $1B dollars firm has lent to small businesses in those four states.

The chief operating officer, OnDeck, James Hobson stated that they join SBA in recognizing magnificent achievements of small businesses throughout nation. America’s 28M small businesses are engine of job creation and economic growth in this country, creating around two out of every three new jobs in the United States and employing over half the nation’s workforce. As their lending activity in four states that SBA administrator Maria Contreras-Sweet will visit during Small Business Week indicates, they are proud to lead way in providing small businesses with capital and credit they need to grow and thrive.

About Richard Avery

He is a capital projects manager and process design engineer at a large-cap company. He has renowned MBA degree. Before joining SWR, he was a freelance writer for renounce tech websites. He is currently studying for CFP exam. Interests: Tech stocks, Economic Markets, Blue-chips.

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