MS said Tuesday it will implement a net reduction-in-force of about 600 workers after restructuring its mortgage business. The decision will affect about five hundred employees in the United States and another 100 in Europe. The New York securities firm said it would restructure its residential mortgage business to reflect current market conditions and to position the business for long-term growth. Next IB laying off people in mortgage unit
I love the marketing propaganda. Positioning for "long term growth" and laying off people at the same time. Doesn't make sense at all but sounds good!