BB&T exits equity research business

BB&T Co.’s said it was exiting the equity research business and cutting back on institutional equity sales and trading, in response to the slowdown in equity capital markets arena.

As part of the restructuring, BB&T Securities said most of the job cuts—61—will come from its Richmond, VA office. The company BBT, +0.54% said it would make “every effort” to place the affected employees, who will be offered severance packages and outplacement services, into other positions.

The broker’s BB&T Capital Markets subsidiary had provided research coverage on more than 300 companies.

“This restructuring within BB&T Securities is a response to the changing market conditions of the institutional equity business, which include reduced volume and compressed margins,” the company said in an emailed statement to MarketWatch.

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