Prudential Shuts Equity Group

The move comes after a two-month search for a buyer.
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Prudential Financial (PRU) - Get Report confirmed it will shut down its Prudential Equity research, sales and trading business.

The Newark, N.J., finance giant said that effective immediately, Prudential Equity Group is dropping coverage of the sectors and companies it covers. The decision affects its equity research operations at offices in New York; Washington, D.C.; San Francisco; Kansas City, Mo.; Chicago; Philadelphia; Cleveland; Atlanta; and Boston, as well as London, Zurich, Paris and Tokyo.

The move comes just two months after

TheStreet.com

reported that

Prudential was trying to shop the unit, which consisted of some 35 senior analysts and 80 traders. Prudential had been trying to offload the unit as the market for research and trading has become more competitive and less lucrative.