Prudential Financial Inc. today announced the closing of its Prudential Equity Group unit, which has been selling and trading stocks and providing stock research for institutions.
“By and large, operations will shut down immediately,” says Prudential spokeswoman Theresa Miller. “No equity research will continue beyond today.”
The research department already has closed its doors and dropped all domestic and international research coverage.
Most operations that are still up and running will shut down by June 30, Prudential says.
Prudential put its retail equity operations in a joint venture controlled by a unit of Wachovia Corp., Charlotte, N.C., in 2003.