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Security Pacific Hoare Govett Holdings Ltd. said...

Security Pacific Hoare Govett Holdings Ltd. said it is joining the growing list of major financial companies reducing operations in London’s securities markets. The broker, a unit of Los Angeles-based Security Pacific Corp., said it is withdrawing from the dealing of gilts (British government bonds), Eurobonds and Japanese equities. The move will eliminate 140 of the broker’s 1,200 jobs. “The economics of these businesses have become unattractive and are likely to remain so for the next three to five years,” Hoare Govett Chief Executive Peter Voss said. Security Pacific said its other equities and banking operations would be unaffected.


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