February 19, 2003 |
Wachovia Corp., the fourth-largest U.S. bank, agreed to acquire Prudential Financial Inc.'s retail brokerage business to almost double its roster of stockbrokers, people familiar with the negotiations said. The transaction would bring about 5,000 brokers and $1.7 billion of capital to Charlotte, N.C.-based Wachovia, which has about 8,500 brokers. Prudential would have a minority stake in the new business. Prudential Securities Inc. has lost almost $300 million during the last two years.
November 22, 2002 |
Mum's the word at Prudential Securities as the brokerage Thursday began prohibiting its analysts from talking to the media, saying in an internal memo it wants to focus solely on clients. Critics have accused Wall Street analysts in general of issuing overly bullish reports to help their banking colleagues win underwriting and advisory work from companies. But Prudential, a unit of insurance firm Prudential Financial Inc.
April 17, 2002 |
Hefty dividend yields and steady profit growth have lured more investors to real estate investment trusts this year, and some analysts are growing concerned the stocks have climbed too far. Prudential Securities Inc.'s James Sullivan on Tuesday cut ratings on Kilroy Realty Corp., SL Green Realty Corp. and Equity Office Properties Trust, citing rising office vacancy rates in some markets.
December 13, 2001 |
Prudential Financial Inc., the No. 2 U.S. life insurer, launched the largest initial public offering ever in the insurance business Wednesday, selling $3 billion in stock to investors. Newark, N.J.-based Prudential sold 110 million shares, or about 19% of the company, to investors at $27.50 a share, said co-lead underwriter Goldman Sachs & Co. Investment bank Prudential Securities, a unit of Prudential Financial, was the IPO's co-lead manager.
December 19, 2000 |
Prudential Securities, the brokerage arm of Prudential Insurance Co. of America, said it will cut 160 jobs at its investment banking unit, which has performed poorly compared with other top banks, as its parent company prepares to go public. Prudential Securities, which has about 7,000 brokers, said the 130 people remaining at its investment banking arm would focus on research for individual and institutional investors, rather than on serving initial public offering issuers.
October 28, 2000 |
Prudential Securities Inc., the sixth-biggest U.S. brokerage, is reducing its fixed-income trading and underwriting business for institutions, according to a person familiar with the situation. Prudential spokesman Charles Perkins declined to comment. The move comes after a series of high-level departures this year from Prudential Securities, the investment banking arm of Prudential Insurance Co., which is preparing to offer shares to the public. "This is largely a retail firm.