Gerry Pasciucco, head of the financial-products division at American International Group, said the unit will not make its self-imposed deadline to shut down by the end of the year. Pasciucco said positions were reduced from $2.7 trillion at the beginning of last year to about $1.5 trillion at the end of March. He also said much of the holdings are still vulnerable, although some are protected by hedging. "I'm not going to say that we're not going to have losses," Pasciucco said.

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