Pru-Bache Says It Expects Big Loss: Prudential-Bache...
From Times Staff and Wire Reports
Pru-Bache Says It Expects Big Loss: Prudential-Bache Securities Inc. will lose $250 million this year as it gets out of several costly businesses, according to its parent company. Analysts said the loss was bigger than expected. Perrin Long, a brokerage analyst at Lipper Analytical Securities, noted that part of the loss was because of a restructuring charge, which Prudential did not specify. He said the brokerage had lost $250 million in two problem areas: merchant banking and risk arbitrage. Any other profits were wiped out by the restructuring charge, he said.
