AIG picks banks to advise sale

AIG has selected four banks to advise on the government’s sale of its 92 per cent stake in the company. Bank of America, Deutsche Bank, Goldman Sachs and JP Morgan Chase will manage the deal, with the insurer said to be gunning for fees of 0.5 per cent of the sale’s value, below the 0.75 per cent fee for the government’s float of General Motors last year. AIG could sell for as much as $20bn.