Nomura Closes Conduit, Lays Off Analysts

Investment banker Nomura Securities has closed its nonconforming mortgage conduit and laid off staff in its fixed-income research department, industry sources have told MortgageWire.Meanwhile, one executive close to Wall Street said three major investment banking houses he has done business with are "prepping" their mortgage departments for layoffs. At deadline time, a Nomura spokesman had not returned telephone calls. Nomura exited the mortgage trading business last fall, when it shifted its mortgage origination/purchase business into a dedicated company with an asset management unit.