Troubled U.S. insurer American International Group is looking to halve fees paid to banks for initial public offerings of its units, Bloomberg cited AIG chief executive Robert Benmosche as telling employees.

The news agency also cited Benmosche as saying at an Aug. 11 staff meeting that he wanted to rein in fees charged by attorneys and consultants.

AIG, which is planning IPOs for two large life insurance units, was not available for comment.