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Top Wall Street Trade Group Cuts Staff

Wall Street's top trade group is slashing its Washington staff as Congress mulls an overhaul of the country's financial markets

The Securities Industry and Financial Markets Association notified about one-third of its Washington office on Wednesday that they were being let go, people familiar said.

The lay-offs are the most recent symptom of Wall Street's steep downturn in the wake of a credit crisis that has stalled the broader economy. But these dismissals come as prominent members of Congress pledge to revamp the country's financial regulatory structure.

SIFMA President Tim Ryan sent his employees an e-mail last Friday telling them the association will be "implementing a reduction in force," according to a copy of the note circulating online.

In his e-mail, Ryan told the staff that "notifications of this reduction will be presented on Wednesday, October 29. Please modify your schedule accordingly to be present in the office on that day."
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