Prudential Exits Equity Research Business
Insurance powerhouse Prudential Financial Inc. [ticker: PRU] announced today that it would shutter its equity research, sales, and trading unit by month’s end.The unit, called Prudential Equity Group, discontinued coverage today of the industries and sectors it reviews.Newark, N.J.-based Prudential did not provide a reason for the closure.Prudential Equity Group earned $34 million pre-tax last year. It has U.S. offices in Atlanta, Boston,
Chicago, Cleveland, New York, Philadelphia, San Francisco, Washington, and Kansas City, Mo. It also has offices in London, Paris, Tokyo, and Zurich.One report pegged the number of affected employees at 420.Prudential has a market capitalization of $46.8 billion.
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