Morgan Stanley to cut 1,000 mortgage jobs, close U.K. mortgage unit

Morgan Stanley, the nation’s second-largest investment bank, announced  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. home loans business and significantly scale back its
U.S. home loan operations.