Security Pacific Revamping Continues: The Los Angeles...

Security Pacific Revamping Continues: The Los Angeles banking firm said it will no longer be a “primary dealer” in government securities, scaling down its operation into what it calls a “regional non-primary dealer operation.” Security Pacific has been one of about 40 primary dealers--banks and investment dealers authorized to buy and sell government securities directly from the Federal Reserve Bank of New York. About 17 people will be laid off in London, Los Angeles and Tokyo as a result of the move, which follows the bank’s decision last month to disband its investment banking operation.