6 big banks, 6 big shake-ups

The mortgage mess has unleashed a restructuring wave as banks try to clean house.

Morgan Stanley
Morgan Stanley
What's shaking: The bank cut 600 jobs as it scaled down its residential mortgage business. Morgan said on Oct. 2 that it would combine its global mortgage businesses under a single platform.

Cause of concern: Morgan's third-quarter results, which the company reported in September, were hit hard by mortgage-related losses and a big writedown on leveraged loans.


Merrill Lynch

Bank of America

Bear Stearns

Lehman Brothers

Morgan Stanley