Layoffs Watch '09: KBW

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The firm is said to have laid off about eight percent of personnel yesterday afternoon, and while it's been reported as a retirement, there's some speculation from within that fixed income head Craig Coats' departure was less than voluntary. Supposedly the cannings "may have something to do with their large CDO inventory, which every quarter they write down a little more. If they had blown it all out a year ago, they'd have been profitable for '08."

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