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Morgan Stanley fires 1,000 in mortgage cutback

Morgan Stanley has made 1,000 staff redundant after scaling back its US mortgage operations and closing its UK-based residential mortgage business, Advantage Home Loans.

One banking source said Morgan Stanley has also fired 75% of staff in the structured products group of its investment bank as a result of the closure of Advantage Home Loans. The source added Morgan Stanley had between 75 and 100 front office staff in the group.

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