Prudential Securities announced Monday that it is cutting about 425 employees in its institutional fixed-income and underwriting business.
The eliminations will include traders and salespeople and are part of a broad effort to get out of the institutional fixed-income market and focus on individual investors, spokesman Charles Perkins said.
Prudential is the 18th-largest seller of U.S. debt, according to data from Bloomberg. It is also one of 29 primary dealers obligated to buy and sell U.S. government bonds.
The New York brokerage is a subsidiary of Newark, N.J.-based Prudential Insurance Company of America. It has about 14,000 employees, including roughly 7,000 brokers.