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Prudential Financial, Inc. Message Board

  • cocoabny2000 cocoabny2000 Jan 12, 2003 11:01 AM Flag

    A question about PSI's future

    Even the extreme people on this boars have good ideas but......I would just like to ask - aside from speculation, educated guesses, ideas of what naturally comes next and what Art Ryan 'should' do....does anyone know what is REALLY happening. If PSI goes to Wachovia and Pru retains a minority share, what is the timeframe/plan for moving operations/closing NY home office and closing /converting branches.

    If you know please post - we employee pleebs deserve to know how long until we get on the bread line so we can plan...

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    • "2. they are excellent at what they do-so good that they have full confidence that they will be paid to stay under any circumstances...this is probably less than 10%."

      I have to say, I work in ny...and lasted through several layoffs.....the people they have now, at least on the support/operations side are smart, hard working people, that know what they are doing....most of us just want to ride it out to see what happens....the job market isn't that great as it is....personally, if I get let go, I'd like to take some time off anyway....

    • totally on point. i haven't walked the halls of seaport or 1-NYP in 2 years, and morale was very, very bad then and worsening with every denial, layoff, hell, everytime sr management opened it's mouth it got worse.

      i have to believe that the people left in NYC fall into 1 of 3 categories:

      1. they are awful at what they do-so bad, they have no hope of landing a job anywhere near what PRU pays them elsewhere on the, they stay and pray. probably 50% fit into this category.

      2. they are excellent at what they do-so good that they have full confidence that they will be paid to stay under any circumstances...this is probably less than 10%.

      3. the remaining 40%?? they're drinking the koolaid....gargling with it, bathing in it, aimlessly and naively following and believing whatever story they are being fed....these are the folks i feel the sorriest for.

    • Bignuts...your last post was probably one of your better ones ever, although you obviously can't resist getting in a zinger or two. Nobody likes other people telling them how to do their jobs (not even their bosses). As for telling FAs how to do theirs jobs...I never do that even though they ask me all the time what they should be doing for their clients. How is that supposed to give me a warm and fuzzy feeling about the overall comptence level of our FAs? I agree top management is #1 on the blame list. It seems to me they were always changing the direction of the firm every couple of years and they did have a cost structure way out of wack. But operational costs are no longer what is hurting this firm. Your earlier comments about operations just sounded like typical salesman BS. You want to get new clients and their money, but after that you don't give a rat's ass about servicing them. Unfortunately, there are costs involved in that, there's absolutely no way around that.

    • Good question. The business plan is for everyone employed at PSI to CYA--every man and woman for themselves. If covering your own ass means taking down a few others, so be it, who cares. And they are executing this business plan to a tee. Which is why the firm will end up essentially being given away. Part-time CEO, new President whose resume is questionnable, old President who bolted for the competition. Chairman who tells the analysts and investment community one thing, and the employees the opposite. Morale is non-existent. Long answer, but that's the plan that is now being executed.

    • what's the business plan?

    • Thanks for the clarification.

      My mother told me once never to worry about things I had no control over. PSI/WB is in that category. Everyone in PSI needs to execute the business plan and everything else takes care of itself. Now you should all just get back to work.

    • bignuts,
      Great post.

    • Ty Webb, Fperez, Freeman, and RG -

      My point wasn't made in my first reply to RG and I apologize...

      I've never told anyone in ops how to do their job.. its not my business to tell someone how to deposit a check, transfer an account, answer the phones, surf the web during business hours etc. etc. etc..

      - it is frustrating when I see folks in ops making recomendations to FAs when they have never walked a day in our shoes... that is what I didn't like and the point I tried to make...

      As far as holding up our end of the bargain.. it isn't the FAs fault or Ops fault regarding profitability... If every FA doubled their production what's to stop mgmt from creating a cost structure that doesn't cost 3 times that??!!

      So, yes we may be grudge one another from time to time but in the end it is up to exec. mgmt to structure a firm where its cost center is in line with its expected revenues and that's not happening right now..

      On a completely unrelated note - I know it wouldn't jive with the whole objective model PSI champions but I wish we would merge with an investment bank instead of just another plain retail house like WB.. anyway, only time will tell.

    • The scary part of the whole deal is the company has been pretty mum about any deal. With Price and Ryan on a soon to be road show to the top 15-20 markets in the US. Just wonder what the show is all about...maybe it is the "let's make a deal" show, with Ryan stepping in as Monte Hall. Friends there say the ironic part was Art Ryan's tribute to "Mother Pru" by sending all employees a hard cover book on Pru's history. I bet that was a cost saving to the shareholders...

      Who knows what the deal will bring if there is a deal...they always say, "those that know can't talk, and those that talk, don't know". Maybe later in the week the news will hit.

    • I agree with you 100% that back office is just as important as the sales force in a sales organization. However, since when was "Prudential Investments" the "Insurance side". That business unit manages money and is run by folks with an asset management/investing background. And now that they've moved annuities over to the "Insurance side", it has zero protection focus. Why is it that everything that isn't located in NYC is the "Insurance side"? I suppose the real estate business is the "Insurance side" as well.

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