Morgan Stanley promoted 155 employees to MDs

This year, Morgan Stanley has elevated 155 employees to the position of Managing Directors, a smaller number compared to the 184 individuals promoted in 2023, according to an anonymous source with knowledge of the matter who chose not to disclose their identity while discussing personnel issues. Among the promoted employees, 37% are women, and within the U.S.-based managing directors, 29% represent ethnic diversity.

The bank is following the trend of other major Wall Street institutions by promoting fewer bankers this year. Bank of America elevated 334 employees to Managing Director roles, 8% less than the previous year.

In 2023, global market uncertainty led to a decline in deal-making activities, affecting investment banks like Morgan Stanley. Mergers and acquisitions activity hit a 10-year low globally.

Additionally, Ted P., a three-decade banking veteran, was named as the bank’s new CEO, effective this month.