Layoffs Watch '08: HSBC, Countrywide

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HSBC supposedly just laid off its entire New York correlation desk. Word is their London counterpart is "probably soon to follow." If you run into a bunch of sad looking kids tonight saying/spelling out entire phrases that would normally be reduced to acronyms, buy them a drink. They're probably unemployed.
In related news, Bank of America is paying David Sambol, the Pestilence to Angelo Mozilo's Plague, $28 million to walk away.