Morgan Stanley Cutting Jobs

Morgan Stanley is cutting 600 jobs and downsizing its mortgage business in the wake of the credit crunch, the Associated Press reported Wednesday. The company said it would lay off 1 percent of its employees, amounting to 500 job cuts in the United States and 100 in Europe. “It is the direction everybody is going,” Brad Hintz, analyst for Sanford C. Bernstein Co., told the Associated Press. “This is Wall Street voting with their feet about how rapidly the mortgage market is coming back. They are saying it is not coming back quickly.”