Morgan Stanley managing director promoted, swimming against the tide

(Bloomberg) — Morgan Stanley promoted 173 employees to managing directors, the company’s top level.

New entrants to the club were up 12% on last year, but were still below the levels of the previous two years. This marks a breakout of a trend that has been significantly boosted by competitors.

The largest U.S. banks have been increasing the number of new entrants to the top tier, reflecting the companies’ strong performance in recent years and expectations for stronger business going forward. Wall Street’s biggest companies have outperformed gains in broader stock measures, with Morgan Stanley returning 40% last year.

Rival Goldman Sachs Group Inc. added the most executives to its prestigious partnership since 2010, adding 95 executives in November. At Citigroup, the class of new managing directors is the largest ever, while Bank of America has the largest class of new managing directors in recent years.

At Morgan Stanley, where 2024 is Ted Pick’s first full year at the helm, new managing directors are limited in size, likely reflecting his desire to remain more selective in the firm’s top job. That’s despite industry-wide pressure on him to retain money-makers. its ranks.

A Morgan Stanley spokesman confirmed the promotion.

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