Donaldson, Lufkin & Jenrette has laid off 23 mortgage- backed-securities traders, structurers, and researchers over the past two weeks, a spokeswoman for the firm confirmed Friday.
Mitchell Samberg, a managing director, was among those who were let go, the spokeswoman confirmed. Bruce R. Alpern, a senior vice president and head of mortgage and asset-backed research, was also dismissed, sources said.
The spokeswoman said the cuts were a result of Donaldson's decision in August to combine its commercial and residential mortgage businesses. The move was unrelated to the firm's third-quarter earnings.
Donaldson's profits in the quarter were down 79% from a year earlier. - Joshua Brockman