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KeyCorp vice chairman to join struggling AIG

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The vice chairman for KeyCorp has left to take a job with struggling insurer American International Group, the company said Monday.

Peter Hancock, who ran KeyCorp’s national banking groups, will become AIG’s executive vice president of finance, risk and investments.

In a statement, Hancock said he looks forward to joining a team that is “dedicated to restoring AIG to health for the benefit of all its stakeholders.”

AIG received $182.5 billion in federal funds to prevent its collapse, and event that the government predicted would have set off a global economic calamity.

In the past year, the insurance giant has sold off assets and reorganized. The government still holds an 80 percent stake in the company.

Hancock spent 20 years at J.P. Morgan, now JPMorgan Chase, where he created the global derivatives group, among others. He also was the chief financial officer.

Hancock later started Integrated Finance Limited, an advisory firm offer strategic risk management and other services.

© 2010 Associated Press. Displayed by permission. All rights reserved.

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