June 6, 2007
Prudential Finance Will Shut Down Equity Trading Business
Insurance company Prudential Financial has apparently concluded that equity research and trading is not profitable without investment banking support. After trying to find a buyer for its equity research, sales and trading business, it announced today that it will close the operations, which only accounted for $260 million of the company's $24.8 billion in revenues last year. See WSJ, Prudential Financial Plans
To Exit Equity Research.
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