Prudential Financial is closing Prudential Equity Group, suspending that group’s institutional equity research coverage immediately, and pulling the plug on the equity group’s trading and sales arms in 13 cities: Tokyo, London, Paris, Zurich, New York City, Chicago, San Francisco, Washington, Atlanta, Boston, Cleveland, Philadelphia, and Kansas City. In a terse announcement, Prudential Financial says it “will comply with all applicable local laws and procedures as it begins the wind down process.”

As of March 31, Prudential Financial had about $630 billion in assets under management.