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Retirement Planning > Social Security

Morgan Stanley to make cuts

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And on it goes. The Wall Street Journal reports Morgan Stanley will cut its U.S. residential mortgage operations and close its U.K.-based residential mortgage lending business, Advantage Home Loans, in response to continued deterioration of the mortgage markets.

About 1,000 employees in the U.S. and U.K. will be affected by the changes.

The paper says the new round of layoffs brings the number of job cuts announced at Morgan Stanley this year to 2,000. The company recently said it was cutting 1,000 jobs in operations, technology, asset management and other areas outside of its institutional securities businesses. The company also said in October it was eliminating about 300 trading and banking jobs in the securities division, with an emphasis on people who structure and sell securities backed by mortgages and other assets that have plummeted in value since last summer.


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