Bloomberg — Morgan Stanley (MS) elevated 184 employees to managing director, a smaller number of promotions to the firm’s top rank from last year.
A record 38% are women, pushing the share of female MDs at the New York-based firm up to 24%, according to a person with knowledge of the matter. Of the US-based employees who were promoted, 5% are Black, 2% Hispanic and 21% Asian, the person said.
Morgan Stanley’s leadership has been mostly male and White for decades, as has been the case across Wall Street. In the US, 30% of the firm’s new managing directors are considered ethnically diverse. The managing director class is smaller than it was last year, when 199 employees were made MD in Morgan Stanley’s biggest batch of promotions to the role in a decade.
A Morgan Stanley spokesperson declined to comment.
For this year’s class:
- The new managing directors represent 16 countries, with 66% in the Americas, 20% in Europe, the Middle East and Africa, and 14% in Asia.
- About 40% are from the institutional securities group, 14% from investment management, 14% from wealth management and banks, and the rest from infrastructure.
- The new managing directors have an average tenure of about 10 years at Morgan Stanley.
- Some 43% of the class have advanced degrees, and 44% were hired as non-officers.
- The promotions were reported earlier Thursday by Insider.
--With assistance from Sridhar Natarajan
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