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Layoffs Watch '08: CS

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Previously announced cuts at Credit Suisse began yesterday and are expected to continue today, with the investment bank being hit hardest. Apparently the mood is "like a funeral" this morning, though that may have more to do with the fact that last night was IBD's annual holiday party at Chelsea Piers and it was "a lame, sweaty cheese-fest," though "the drunken groping was at a high, especially among current and incoming employees," so who knows.