The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Morgan Stanley slashes US residential business…

Morgan Stanley will scale back its residential mortgage operations in the US in response to the continued deterioration of the mortgage markets. The firm will discontinue its UK-based residential mortgage lending business, Advantage Home Loans. About 1,000 employees in the US and the UK will be affected by this restructuring. These cutbacks were announced in mid-February.

"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," said Anthony Meola, chief operating officer of the US residential business at Morgan Stanley.

Morgan Stanley will continue to service mortgage loans in the US through its Saxon Mortgage Services platform, based in Fort Worth, Texas. The firm will still offer residential mortgages to its retail brokerage clients through Morgan Stanley Credit Corporation.

...As Lehman Brothers axes 200 in UK

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree