Global financial services firm Morgan Stanley says it will scale back its residential mortgage operations in the U.S. (as well as shut down its U.K. residential mortgage arm). The action will involve cutting about 1,000 jobs worldwide, according to a BBC News article.
Morgan Stanley notes that it will continue to service mortgage loans in the U.S. through its Saxon Mortgage Services Inc. platform, based in Fort Worth, Texas. In addition, the firm will still offer residential mortgages to its retail brokerage clients through Morgan Stanley Credit Corp.