Ranjit Kripalani, managing director of Chase Securities' mortgage- backed securities operation, left the company this week amid reports that Chase has told employees it would drastically shrink the unit.

Reached at home, Mr. Kripalani declined to comment. He had been at Chase for nearly three years and is among several executives and traders said to have resigned. Sources said an internal announcement was circulated Monday that Chase plans to lay off 40 to 45 people, or about two-thirds of its mortgage-backed staff.

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