Morgan Stanley announced today that it would slash 1,000 jobs as part of a scheme to downsize its residential mortgage operations. The job cuts impacts 1,000 jobs in the U.S. and the U.K. The investment bank also plans to discontinue its British-based residential mortgage lending unit Advantage Home Loans. Morgan Stanley said that it will still service mortgages in the U.S. through its Saxon Mortgage Services as well as offer residential mortgages to its retail brokerage clients, according to published reports.

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