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Morgan Stanley Mortgage Unit Cuts Jobs

Saxon cuts 50 Fort Worth jobs

June 25, 2008

By MortgageDaily.com staff

Morgan Stanley & Co. Inc.'s mortgage unit laid off employees in Texas.

Subsidiary Saxon Mortgage Co. is making the cuts in Fort Worth, according to the Texas Workforce Commission.

Saxon filed a Workers Adjustment and Retraining Notification with the employment agency. WARN notices are required at least 60 days in advance of the planned layoff of at least 50 employees.

Saxon said in the filing that 50 employees were laid off on Friday, June 20.

Saxon cut 140 Florida jobs in February shortly after Morgan Stanley announced it would eliminate around 1,000 mortgage jobs in response to continued deterioration in the mortgage markets. That statement indicated only Saxon's Fort Worth location would remain to service loans.

Morgan Stanley saw its second quarter earnings fall $1.6 billion from a year earlier to $1.0 billion. Earnings were impacted by mortgage proprietary trading losses.


140 Florida Layoffs
Morgan Stanley has begun executing its plan to scale back its U.S. mortgage workforce.

Morgan Stanley Cuts 1,000 Mortgage Jobs
Morgan Stanley announced it would eliminate around 1,000 mortgage jobs. The move follows nearly $10 billion in mortgage-related charges.

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