Shares of American International Group Inc (NYSE:AIG) ended Wednesday session in green amid volatile trading. The shares closed up +0.82 points or 1.39% at $59.90 with 5.22 million shares getting traded. Post opening the session at $59.39, the shares hit an intraday low of $59.34 and an intraday high of $60.28 and the price vacillated in this range throughout the day. The company has a market cap of $64.31 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
American International Group Inc (AIG) announced that Peter Y. Solmssen will join AIG as Executive Vice President and General Counsel on October 18. Mr. Solmssen will oversee the Global Legal, Compliance, Regulatory and Government Affairs functions, and will report to Peter D. Hancock, AIG President and Chief Executive Officer. He will also serve as a member of AIG’s Executive Leadership Team, and participate in all strategic and policy decisions affecting the company’s operations.
Mr. Solmssen (61) previously served as General Counsel and Head of Corporate, Legal and Compliance for Siemens AG, and served as a member of its Managing Board with responsibility for Siemens’ businesses in the Americas. He succeeds Thomas Russo (73), who is retiring. Mr. Russo has served as Executive Vice President and General Counsel, Legal, Compliance and Regulatory since 2010. He was formerly Vice Chairman and Chief Legal Officer of Lehman Brothers. Prior to this, he was a senior partner of Cadwalader, Wickersham & Taft, following his role as the first director of the division of Trading and Markets of the Commodity Futures Trading Commission.
“Peter brings a mission-driven perspective and sensibility to this role, which align perfectly with our focus on building and preserving trust, and delivering value for our customers and other key stakeholders,” said Mr. Hancock. “He has exceptional corporate legal experience, and his insights on mitigating risk and managing legal and regulatory issues will be greatly valued as part of our leadership team.
Shares of BB&T Corporation (NYSE:BBT) ended Wednesday session in green amid volatile trading. The shares closed up +0.56 points or 1.46% at $38.84 with 6.98 million shares getting traded. Post opening the session at $38.50, the shares hit an intraday low of $38.38 and an intraday high of $38.99 and the price vacillated in this range throughout the day. The company has a market cap of $32.20 billion and the numbers of outstanding shares have been calculated to be 814.50 million shares.
BB&T Corporation (BBT) announced it has reached an agreement with the United States Department of Justice (DOJ) that settles certain legacy mortgage matters involving the origination of mortgage loans insured by the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA).
BB&T fully cooperated with all agencies involved in this matter. The inquiry was settled for $83 million without any admission of liability to avoid the cost and uncertainty of potential litigation. The investigation, potential claims and estimated potential net exposure to losses were previously disclosed. The settlement will have no negative effect on BB&T’s financial condition or results of operations as a result of previous accruals totaling $85 million. In a related matter, BB&T is pursuing a potential recovery of approximately $70 million.
BB&T remains committed to providing a high-quality mortgage experience along with exceptional service to help our clients achieve economic success and financial security.