MORGAN STANLEY CUTS 1,000 JOBS
NEW YORK - Morgan Stanley has laid off 1,000 staff, cut back its US mortgage business and closed its UK mortgage arm, Advantage Home Loans. The US bank bought Advantage in December 2005.
Annual profits at Morgan Stanley fell 60% to $2.6 billion last year, despite $28 billion in revenues, after writedowns of $10.6 billion, surpassed only by UBS and Citigroup.
Morgan Stanley was forced to plug the leaks in its balance sheet with a $5 billion investment from sovereign wealth fund the China Investment Corporation, which had already invested a $3 billion stake in the Blackstone private equity group last May.
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