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Stock impact report

Prudential hits pause on new sales at Japanese subsidiary [Yahoo! Finance]

Prudential Financial, Inc. (PRU) 
Last prudential financial, inc. earnings: 2/4 04:18 pm Check Earnings Report
US:NYSE Investor Relations: investor.prudential.com
Company Research Source: Yahoo! Finance
Prudential Financial is halting new sales at a Japanese subsidiary as it aims to “reset the business model” there, the company's CFO said Tuesday. On Tuesday, Prudential announced that it's extending a previously enacted pause on new sales at its Prudential of Japan unit by 180 more days. In February, the insurance giant had initiated an initial 90-day pause in the wake of an internal investigation into alleged employee misconduct. In a call with analysts on Tuesday night, Prudential Financial's CEO and Chairman Andy Sullivan said that the “scope and complexity of the required changes was greater than previously anticipated,” and that such changes would “take additional time to design and implement.” The call included remarks from Sullivan and CFO Yanela Frias. For her part, Frias maintained that Prudential of Japan “will emerge as a stronger, more resilient business that is better positioned to serve consumers over the long term.” “That said,” she continued, “we expect the r Show less Read more
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