Prudential Securities, which has been shifting its emphasis to retail financial services, said Wednesday that it is getting out of the institutional fixed-income business.

A spokesman said the New York subsidiary of Prudential Insurance Company of America said it wants no part of the sector's volatility. Also, the business is unprofitable for Prudential Securities.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.