PRUDENTIAL FINANCIAL TO SHUTTER STOCK RESEARCH UNITLife insurance and money management conglomerate Prudential Financial Inc. said that it would shut down its institutional stock research and trading business - Prudential Equity Group - after 26 years of operation. Prudential will close its offices and trading operations in nine U.S. cities, as well as in London, Zurich, Paris and Tokyo. Some 400 employees will be terminated.
Last year Prudential Equity generated $260 million in revenue and $34 million in pretax income. It managed $137 million in assets.
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