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Morgan Stanley Cuts Mortgage Jobs
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Morgan Stanley(MS Quote) shares shrugged off news that the brokerage firm was slashing 1,000 jobs from its residential mortgage lending business.
The New York-based bank said that in response to the continued deterioration of the mortgage markets, Morgan Stanley was scaling back its residential mortgage operations in the U.S. and closing its U.K. mortgage lender, Advantage Home Loans.
Morgan Stanley will continue to service mortgage loans in the U.S. through its Saxon Mortgage Services platform in Fort Worth, Texas. It will also still offer residential mortgages to its retail brokerage clients through Morgan Stanley Credit Corp. ...
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