Creditflux Newsletter

The Financial Times today reports that AIG is to hire ex-JP Morgan senior manager Peter Hancock, one of the founding figures of the credit derivatives market. According to the article, he will become executive vice-president in charge of AIG’s finance, risk, audit, investments, strategy – a role that will position him as a potential successor to 65-year old chief executive Robert Benmosche.

Hancock joins AIG from serving as vice-chairman of regional lender KeyCorp. He has spent more than 20 years in the financial industry, first with JP Morgan, where he set up and led its derivatives desk from 1991 and rose to become the bank's finance chief, and then with his own consultancy. He joined Ohio-based KeyCorp in December 2008.

Citing unnamed sources, FT claims Hancock will receive a pay package of up to $7.5 million for this year, comprised of cash, restricted stock and a performance-related cash-and-stock bonus.