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South Florida

Morgan Stanley to cut jobs in mortgage sector

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Morgan Stanley, the nation’s second-largest investment bank, announced today that it will cut 1,000 jobs in its residential mortgage business. The firm, which took $9.4 billion in write-downs in December due to losses on mortgage-related securities, said that it plans to close its U.K. business that issues home loans and significantly scale back its U.S. home loan operations.