P.M. BRIEFING : Big Prudential-Bache Layoffs
NEW YORK — Prudential-Bache Securities Inc. is laying off at least two-thirds of its investment bankers and the head of its investment banking division has resigned from that post, it was reported today.
The Wall Street Journal reported that in laying off about 120 of its 180 investment bankers, the brokerage firm is effectively ending its four-year effort to become a major investment bank.
The newspaper said James F. Crowley has resigned as head of investment banking but will continue as a senior officer.
Prudential-Bache spent heavily four years ago to shore up its investment banking business and become one of the nation’s biggest investment banking firms by 1989. The brokerage had been geared toward small investors.
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