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Morgan Stanley Restructures Mortgage Business; 600 Jobs to be Cut

Oct 02, 2007By

Morgan Stanley said today it is restructing its mortgage business amid what company executives characterized as a “fundamental paradigm shift” in the mortgage business. The restructuring effort will result in a net reduction-in-force of approximately 500 employees in the United States and approximately 100 employees in Europe including 90 from Morgan Stanley’s UK mortgage subsidiary, Advantage, the company said in a press statement.