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
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.