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Layoffs at Prudential

Workplace Buzz on June 7, 2007 7:31 AM

(Reuters) - Prudential Financial Inc. (PRU.N: Quote, Profile, Research) said on Wednesday that it will shut down its stock research and trading business, in the insurer's latest pullback from a rocky 26-year stay on Wall Street.

The company said it is closing down Prudential Equity Group's offices and trading operations in nine U.S. cities as well as in London, Zurich, Paris and Tokyo. Prudential dropped research coverage immediately and said 400 employees will be terminated as operations are wound down during the quarter ending June 30.

"Prudential's strategy is to be in businesses where we have significant scale," said Prudential spokeswoman Theresa Miller. "The research and trading markets are really competitive, really challenging, and are not an area where we've been able to achieve that scale or success for our clients, for our shareholders and certainly our employees."

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