Prudential Unit Reportedly Plans Cuts in Trading
- Share via
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. They probably decided that the institutional business is not important or profitable to them,” said Roy Smith, a New York University finance professor and former Goldman Sachs Group Inc. partner. “Not only is it a tough business, it’s dependent on being a big player.”
Prudential Securities is the 18th-largest seller of U.S. debt this year, according to Bloomberg data.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
