NEWARK, N.J. — Prudential Financial announced June 6 that it will be closing its equity research and trading business Prudential Equity Group.
The group will drop coverage of all the companies it covers and shut down offices across the globe. Nearly 420 employees will lose their jobs as a result, the company said.
"This business simply did not get big enough to be a long-term success," said spokeswoman Theresa Miller to the Associated Press. "Prudential's strategy is to be in businesses where we have significant scale."
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