Morgan Stanley promotes 173 employees to managing director, up 12% as dealmaking rebounds
Jeenah Moon/Reuters
- Morgan Stanley has promoted 173 employees to its top rank of managing director.
- That's a 12% increase over last year as demand for mergers and capital rebounds.
- The latest class is smaller, however, compared to 2023 and 2022 when James Gorman was CEO.
Morgan Stanley promoted 173 people to the rank of managing director on Wednesday, a 12% jump from this time last year as demand for mergers and capital raising rebounds across Wall Street.
The promotions come as Ted Pick finishes his first full year as CEO with 25% of last year's global M&A business, giving it the No. 2 spot behind Goldman Sachs, according to the London Stock Exchange Group.
Last year's class included just 155 names class, down from 184 in 2023 and 199 in 2022. The bank promoted 171 employees to MD in 2021 when M&A hit a global record of $5 trillion.
The bank has internally notified its newest members of their new titles and is planning to release the list of names publicly on Friday. Here are some stats about this year's class, according to a spokesperson for Morgan Stanley.
- Institutional Securities Group: 46%
- Investment management: 13%
- Wealth management: 9%
- 68% of MD promotes were in the Americas, 20% in EMEA, 12% in Asia
- The promotions represent 13 countries
- The average tenure of those promoted is 11 years at Morgan Stanley.
- 39% of the class have advanced degrees
34% of MD class are women, increasing overall women MD representation to 27%
Of US-based MD promotes, 22% of the class are ethnically diverse:
- 3% are Black, 6% are Hispanic, 12% are Asian, 1% is 2+ races
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