Deutsche, Morgan to cut legal positions
Lawyers at Deutsche Bank and Morgan Stanley are bowing to the pressure of the credit crunch with legal roles being cut in both banks' UK mortgage and property divisions. Deutsche has trimmed its commercial real estate division, confirming that at least one legal position in the team has been cut. Some in the market suggest that as many as five people could leave the team.
February 21, 2008 at 12:59 AM
2 minute read
Lawyers at Deutsche Bank and Morgan Stanley are bowing to the pressure of the credit crunch with legal roles being cut in both banks' UK mortgage and property divisions.
Deutsche has trimmed its commercial real estate division, confirming that at least one legal position in the team has been cut. Some in the market suggest that as many as five people could leave the team.
The news comes in the wake of the bank's announcement that 300 jobs will be lost worldwide following the market downturn that has seen Deutsche, one of the world's largest investment banks, admit to write-downs of E2.2bn (£1.64bn) in the third quarter of 2007.
Meanwhile US bulge-bracket bank Morgan Stanley announced last week that it was to close its UK-based residential mortgage lending business, Advantage Home Loans.
The bank said that 1,000 jobs would go across the group, with the bulk of the cuts hitting its operations in the US. Advantage's staff of around 160 in the UK will be affected, including the mortgage lender's one-lawyer legal function.
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."
Editors' Blog: 'Legal jobs at banks – hoping no news is good news'
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