Bill Swenson, a managing director and head of CIBC World Market's loan sales and trading group, and Amy Trapp, also a managing director in CIBC's loan group, were let go from the Canadian bank last Thursday. The duo was let go as the firm looks to adjust its operating model in the face of a brutal market, said a person familiar with the situation. The latest loss of personnel, however, does not signal the firm's departure from the loan product, he said. A spokesman could not confirm the departures, citing firm policy not to comment on human resource matters. Last November, Paco Torrado, a par trader at CIBC was also let go by the firm as part of another round of layoffs (LMW, 11/3). Swenson joined CIBC in 1995 and was employed by Meenan, McDevitt & Co. before that. Trapp moved to CIBC in 1998 from Bank of America.