Morgan Stanley promotes 155 employees to managing directors -source

NEW YORK (Reuters) -Morgan Stanley promoted 155 employees to become managing directors this year, fewer than its 2023 cohort of 184, said a person familiar with the situation who declined to be identified discussing personnel matters.

Out of the total employees being promoted, 37% of them are women. Of the U.S.-based managing directors, 29% are ethnically diverse.

The bank joins other Wall Street giants in elevating fewer bankers this year. Bank of America promoted 334 employees to become managing directors, 8% fewer than the previous year, while Goldman Sachs, which announces managing director promotions every two years, appointed 608 managing directors, down from the 643 it named two years ago.

Investment banks including Morgan Stanley had a tough 2023 as deal-making activities slumped due to uncertainty in the global market. Mergers and acquisitions activity fell to its lowest level in 10 years globally in 2023.

The bank also elevated Ted Pick, a three-decade bank veteran to take over the reigns of the bank as its new CEO from this month.

(Reporting by Tatiana Bautzer and Nupur Anand in New York, editing by Lananh Nguyen and Marguerita Choy)

By Tatiana Bautzer and Nupur Anand