The structured finance group at Standard & Poor's continues to adjust to layoffs announced earlier. According to people familiar with the rating agency, Russell Long, a managing director in the CDO group, will leave the company, along with a substantial portion of the CDO group. Ted Burbage, managing director of structured finance ratings, was among those expected to leave S&P, as was Nancy Gonzalez, who worked in CMBS surveillance. Company officials said they do not comment on individual personnel situations.
Ambac Financial Group laid off 25 people on Wednesday as part of its efforts to restructure the company and exit certain lines of business. The layoffs came from areas of business the company would no longer be insuring, which include CDOs, CLOs and other arbitrage-driven transactions; all MBS; auto loan and lease securitizations; credit card receivables; and emerging market transactions. "If you are not in the businesses anymore; you have to make some tough decisions," a spokeswoman for Ambac said. "We have some very talented people we have been forced to say goodbye to."