Prudential Financial Opens Newark Headquarters Amid Terror Alert

Strategic Insights -

Following a warning by the Department of Homeland Security, Prudential Financial opened its global headquarters in Newark, New Jersey, on August 2, 2004. Despite a heightened threat level, employees reported to work under increased security, with armor-clad police officers, concrete barriers, and restricted access. Prudential's security measures were already heightened after 9/11, but the current threat made them more visible.

Key Takeaways:

  • Prudential Financial employed approximately 1,000 people at its global headquarters in Newark, New Jersey.
  • The company's security measures were already heightened after 9/11, but the current threat made them more visible.
  • Armor-clad police officers, concrete barriers, and restricted access were implemented around the Prudential Plaza.
  • Checks of employee identification were more strict, and surveillance of nearby parking garages increased.
  • Prudential's stock price was down 0.97% from the previous close, trading at $46.11 a share.
  • Citigroup's stock price was up 0.98% from the previous close, trading at $44.52 a share.
  • Prudential's total assets under management were approximately $454 billion, as of March 31.
  • The company serves individual and institutional customers worldwide, including the Prudential Insurance Company of America, one of the largest life insurance companies in the United States.
  • Prudential's security measures were implemented in consultation with senior management, including Chairman Art Ryan.
  • The threat level was raised to Code Orange for the financial-services sector in New York, northern New Jersey, and Washington, D.C.

Statistics:

  • 1,000 employees were employed at Prudential Financial's global headquarters in Newark, New Jersey.
  • The Prudential Plaza has 24 stories and is 374 feet tall.
  • The temporarily installed fences surrounding the Prudential Plaza were topped with barbed wire.
  • Citigroup has approximately 200 million customer accounts and operates in more than 100 countries.
  • Citigroup's second-quarter earnings dropped 73.5% due to a nearly $3 billion settlement with former WorldCom shareholders.
  • Citigroup's net income was $1.14 billion, or 22 cents a share, in the second quarter of 2004.
  • Citigroup's second-quarter revenue grew 15% to $22.3 billion, while expenses increased by 87%.

Sources:

  • "Prudential Financial Opens New Jersey Headquarters Despite Terror Threat" by A.M. Best Company, Inc., via COMTEX
  • Newark Star-Ledger
  • New York Times
  • The company's Web site
  • BestWire, July 15, 2004
  • The Department of Homeland Security