Wall Street layoffs have hit mortgage trading desks at Morgan Stanley and Deutsche Bank especially hard.

Morgan Stanley Dean Witter & Co. fired 60 traders, salespeople, and researchers from its global bond operations last month, and Deutsche Bank fired 50 traders and support workers from its global bond operations just days before announcing a merger deal with Bankers Trust Corp. Deutsche's layoffs affected employees in commercial and residential mortgage as well as asset-backed securities.

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