Regarding the cutbacks, chief operating officer Anthony Meola said, "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."
Jobs in both the U.S. and the U.K. will be cut. Morgan Stanley is just one of many investment banks to scale back, however. More than 25,000 jobs have been cut in the past six months by banks and brokers.
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