WASHINGTON - Wall Street's leading industry group this week cut its staff by about 20%, or roughly 40 people, including a lobbyist who worked on municipal bond issues, in response to the financial crisis that has thinned its membership and cut into its revenues.

Sources said that the cuts to the already-demoralized staff of the Securities Industry and Financial Markets Association included Christina Martin, who ran their communications department; in-house counsel Alan Sorcher; and Amy Mathis, who ran the group's political action committee.

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