J.P. Morgan has laid off two players in its collateralized debt obligation group as part of the firm's overall staff reduction measures. Douglas Lucas, head of CDO research, and Dwayne Brown, head of CDO syndications left the bank two weeks ago, though Lucas said he's working part time in the CDO area. He declined further comment. Brown could not be reached for comment. Lucas reported to Chris Flanagan, head of ABS research, who verified Lucas' departure and in terms of a replacement said, "the firm will be operating with existing staff." Brian McDonald, head of ABS syndications, did not return calls, but another banker on the syndications desk confirmed Brown's departure. Market sources speculated that downsizing in the group is a function of the Chase Manhattan Bank merger with J.P. Morgan.
Two Key Players Cut From J.P. Morgan CDO Group