US investment bank Morgan Stanley has announced the “immediate” closure of its UK mortgage lending subsidiary Advantage Home Loans with the loss of 160 jobs including its HR function.
The cull is part of a wider plan to axe 1,000 jobs as the bank scales back its mortgage operations in the US and the UK.
A spokesperson at Morgan Stanley would not divulge how many HR staff would be affected. “I am not willing to break down each department.” he told Personnel Today.
Anthony Meola, chief operating officer of the US residential business at Morgan Stanley, said: “Given the continued dislocation of the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward.”