Prudential Securities bills its stock research division as unbiased and unfettered by ties to investment banking. Now you can add unreachable.
According to an internal memo, the
unit has reportedly told its analysts to stop talking to the media, depriving financial reporters of some of their best-known talking heads, including ubiquitous bank pundit Mike Mayo and Wayne Hood, the analyst whose work precipitated
"We started out by separating our research from the investment bank, now we're separating our investment commentary from it reaching people who don't pay for it through any medium," spokesman Jim Gorman told
. "It's not an anti-media policy."
Prudential, which has marketed its research operation as free of investment banking ties and one of the most independent on Wall Street, will continue making its written reports available to reporters.