P.M. BRIEFING : Prudential-Bache Chief Resigns
George Ball, chairman of the sagging Wall Street firm Prudential-Bache Securities Inc., resigned today, individuals inside the company said.
The reported resignation follows a year of extremely weak performance and cutbacks at Prudential-Bache, the nation’s 10th-largest securities firm in terms of capital.
Prudential-Bache said late last year that it expects to report a $250-million loss for 1990. It also received a $200-million bailout from its parent company, Prudential Insurance Co. of America.
Ball, 52, had been criticized on Wall Street for the decline at Prudential-Bache, but earlier in 1990 he had received public assurances from executives at the parent company that he would be kept on.
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