Prudential Securities has moved its divisional management to New York, with the goal of better coordinating its strategies and improving communications among divisions.
Thomas Owens, formerly from Dallas, is heading Prudential's Western region, while Thomas Farley directs the Eastern region.
The two managers are sharing responsibility for the company's Southern region, which used to be headed by David Pierce. Pierce declined the transfer to New York in favor of staying in Charlotte, N.C. He is now one of Prudential's 12 regional directors, heading the Atlantic Coast region.
"I've been in this business 28 years, and I've been asked to move to New York many, many times," Pierce says, declining further comment.
A Prudential spokesperson says going from three divisional officers to two has actually streamlined operations. "One can argue things are running better than before," he says. "Companies go through changes like this all the time."