Morgan Stanley (MS), the investment firm, is cutting 1,000 jobs in it’s United States and British mortgage departments. The reason is that slowing demand has created excess capacity in these departments.
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. via AFP
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