Morgan Stanley axes 300 from credit units

Morgan Stanley has responded to its near $1 billion credit-related losses by axing around 300 jobs from its institutional securities division, according to reports from Bloomberg.

The job losses are understood to be in businesses related to mortgage-backed securities, collateralised debt obligations and leveraged finance.

Around 200 of the job losses are in the US, with most of the rest in Europe.

The cuts come on the back of poor third-quarter results which saw fixed-income sales revenues down 3%

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