Lay-offs in the securitization world are starting to hit emerging markets. Dresdner Kleinwort has apparently dismissed people in the Latin American structured finance team of the New York office, according to sources. Managing Director Enrique Bustamante, head of Latin America in the global finance division, is one of the departures, said sources. Bustamante had been active in Mexican existing assets, and had worked in the Latin American capital markets group in Merrill Lynch for nearly two years prior to starting up at Dresdner in May 2001. Surat Maheshwari, who was also a familiar face in emerging market securitizations as the head of private placements at Dresdner, was another casualty, according to sources. A Dresdner PR official in London declined to comment and e-mails to Bustamante and Maheshwari were bounced back. Sources said personnel based in Mexico hadn't been affected by the departures. A call and e-mail to a Mexican Dresdner banker weren't returned as of press time. Meanwhile, Moody's Investors Service has let go of Carlos Maymi, a senior credit officer who was a lead analyst for a few RMBS in Mexico. As of press time, there was also talk that South Africa's Standard Bank had let go of at least one person in their New York-based LatAm team, although recent hires on the ground in the region were still around. Calls to officials in the New York and Buenos Aires offices, and an email to a New York official, weren't returned as of press time.

Alec Crawford, formerly head of MBS strategy at RBS Greenwich

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