Financial Services Industry
Industry: Email Alert RSS FeedAdvantage closure costs 160 jobs.
Financial Adviser, February, 2008
Byline: Morgan Stanley's decision to pull back from the residential mortgage market was due to poor conditions
The restructuring of Morgan Stanley has taken a casualty in the UK with the closure of Advantage Home Loans, its residential mortgage lending business.
The bank said that it was scaling back its residential mortgage operations because of the continued deterioration of the mortgage markets and that 160 jobs will go at the Cheshire-based company as a result of the shake-up.
Morgan Stanley refused to comment specifically about the "immediate" closure of Advantage, its lending business which provided mortgages exclusively through the intermediary market.
However, Anthony Meola, chief operating officer of the bank's US...
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