Morgan Stanley Mortgage Lay Off
Morgan Stanley said Tuesday it is scaling back its residential mortgage business and cutting nearly 600 jobs globally as it repositions to deal with turmoil in the housing-related credit sector.
The restructuring will consolidate its three stand-alone mortgage businesses
in the United States Saxon Capital, Morgan Stanley Credit Corp, and Morgan Stanley Mortgage Capital Holdings and Britain-based mortgage subsidiary Advantage, under a single platform.
Morgan Stanley said the move was undertaken “to reflect current market conditions and to position the business for long-term growth.”
The restructuring will eliminate some 500 jobs in the US and and about 100 in Europe, including 90 from Advantage.
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