American International Group dismissed consulting firm McKinsey & Co as its restructuring adviser in an effort to cut costs, according to a Bloomberg report, citing two people familiar with the matter.

Bloomberg reported that McKinsey worked on a review of AIG businesses starting in March under previous Chief Executive Edward Liddy, with the objective of producing a multi-year road map, called Project Destiny, to restructure the company after the government-sponsored bailout.

The company's new chief executive, Robert Benmosche plans to come up with his own vision of AIG businesses to be retained, and will rebuild them before disposing of them to repay bailout loans, according to Bloomberg.

Representatives from AIG and McKinsey were not immediately available to comment. (Reporting by Biswarup Gooptu in Bangalore; Editing by Derek Caney)