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Banking Jobs in Connecticut Affected by AIG Problems

Posted on March 23, 2009

Hundreds of banking jobs in Connecticut could be affected by the current problems surrounding AIG.

American International Group plans to shut down its Wilton office, located in Fairfield County, Conn., within the next few years. This move could cost 400 workers their Connecticut jobs. The office is home to AIG Financial Group, which is currently settling contracts and selling investment portfolios worth $1.6 trillion.

According to an article by NBC Connecticut, job losses within the company could have a profound affected in Wilton, the surrounding area and Fairfield County as a whole, which would see a noticeable loss of tax revenue.

The reason AIG is currently under fire – and the reason the company will most likely have to shut down the Connecticut office – is that its said to have paid $165 million in bonuses to company executives. Some officials think the bonuses paid out may be even higher.

“I’m focused on it because I want to know what the total was and we deserve back every taxpayer dollar paid to bonuses to execs and employees who drove this company into insolvency,” Attorney General Richard Blumenthal said in the article. “I’d like to see the executives and employees return the money.”

The House of Representatives also is getting involved int he debacle, and wants to tax the bonuses at 90 percent to help get some money back. However, President Barack Obama has not yet agreed to this plan and is looking to the Senate to come up with an alternative.

In January, Connecticut’s financial activities industry employed 140,900 workers, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 141,400 workers during December 2008 and a 1.8 percent decrease from last year.