Prudential Financial Inc., the second- largest U.S. life insurer, is shutting down its 420-person stock research and trading unit, one of the last parts of what ended up being a failed attempt to become a financial market player.
Prudential Equity Group, the institutional sales and trading business left behind when Prudential sold its retail brokerage to Wachovia Corp. in 2003, includes about 30 senior analysts and 80 traders in 13 cities including New York, London, and Tokyo.
This is not expected to affect their life insurance service and it's unfortunate since many had hopes that Prudential would be able to be a player in the stock market.
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