Peter Hancock and the great AIG unwind
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
Peter Hancock joined AIG in 2010 to manage its risk, including unwinding positions that led to the insurance firm’s $182 billion bailout during the global financial crisis.
Hancock was hired at the recommendation of the New York Federal Reserve and PriceWaterhouse because of his reputation as a risk expert and one of the founders of the modern derivatives markets while at JPMorgan.
AIG’s derivatives exposure had been over $2 trillion at its peak, although that was only one of the issues for Hancock to address.