NEW YORK (AFP) — Wall Street investment giant Morgan Stanley said Wednesday it would eliminate 1,000 jobs as it scales back residential mortgage operations in response to the US housing slump.
The move affects 1,000 jobs in the United States and Britain, and will lead to the discontinuation of the British-based residential mortgage lending business Advantage Home Loans.
Morgan Stanley, the latest company to pull back from real estate, will continue to service mortgages in the US through its Saxon Mortgage Services and offer residential mortgages to its retail brokerage clients.
"Given the continued dislocation in the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward," said Anthony Meola, chief operating officer of the US residential mortgage business at Morgan Stanley.
Copyright © 2009 AFP. All rights reserved. More »
