Credit Suisse Group is officially shutting down its New York-based commercial mortgage-backed securities group. The announcement came Monday, just one day before the parent company announced another round of layoffs worldwide. The elimination of the more than 50 jobs that comprised the CMBS group were part of a previously planned downsizing of 2,000 employees that the firm announced in July. On Tuesday, the firm said it would cut another 1,500 jobs. Jeffrey Fastov, the co-head of the securitization group was hired last year as part of Credit Suisse’s plan to rebuild a loan origination team that was dismantled during the financial crisis. The former Goldman Sachs executive bid farewell to friends and colleagues with a short, somewhat cryptic note that indicated he was heading abroad. “I plan to make my way to Europe and participate in a historic moment for capital markets there,” he wrote. “I have few regrets about my short stay at [Credit Suisse] because I made so many new friends and because I know that the awesome talent in the group will move onto new challenges and make its mark.” Most of the rest of the CMBS group is also leaving the bank, though a few junior staffers are being absorbed at other Credit Suisse fixed-income groups. The CMBS group was short-lived. In 2010, with the real-estate market showing signs of rebounding, Credit Suisse decided it wanted to get back into the business and hired a new team, luring people from competitors like Deutsche Bank and GE Capital. Credit Suisse waited longer than some peers before hiring again and making new loans that allow developers and landlords to build or refinance projects. The bank was never able to put together enough loans to sell them as bonds before the commercial-mortgage market turned in the early summer, and prices for bonds fell significantly. [WSJ Deal Blog, 11/1/11]