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Bear Stearns cuts jobs; new Credit Suisse layoffs

NEW YORK — Bear Stearns Cos. said Wednesday it is laying off 310 workers and fusing its two mortgage businesses, after turmoil in the home loan industry contributed to a dramatic slide in the investment bank's profit this summer.

The news came only hours after Credit Suisse Group said problems in the mortgage market will linger as long as 18 months. It announced a fresh round of layoffs in its commercial mortgage-backed securities division, mostly in New York.