Finance

Morgan Stanley just promoted 199 people to MD — its biggest class in a decade

Morgan Stanley has named its biggest class of managing directors for a decade as large investment banks work to keep hold of top employees amid a battle for talent. 

The US bank has promoted 199 people to the coveted role of managing director, up from 171 in 2021 and 130 in 2020, according to a person familiar with the matter. The rank is the highest at Morgan Stanley and comes with a significant pay rise. The 2022 promotions are the biggest since 2012.

This year, 23% of the new managing directors were in Europe, the Middle East and Africa, up from 18% in 2020. However, 64% were in its home market of the Americas and 14% in Asia.

Last year, 35% of new managing directors were women and this proportion has shrunk to 33% in the latest class. However, women now make up 23% of total managing directors at Morgan Stanley, a record high.

Its investment bank makes up 46% of the new promotes, with 10% in asset management.

In the US, the number of ethnically diverse candidates increased by 43%. Black professionals make up 10% of the new class in Morgan Stanley’s home market, 6% are Hispanic and 20% Asian.

Investment banks have increased the size of their promotion rounds in 2021 after a bumper year for revenues, which swelled to a record $128.8bn, according to data provider Dealogic. This has spurred a hiring spree for senior dealmakers over the past 12 months.

READ Citi names 306 MDs in first promotion round under boss Jane Fraser

Goldman Sachs promoted 643 managing directors in November, its largest ever class, while Citigroup named 185 managing directors within its institutional clients group, up by 21% on the previous year.

To contact the author of this story with feedback or news, email Paul Clarke

Most Related Links :
honestcolumnist Governmental News Finance News

Source link

Back to top button