Morgan Stanley elevates 155 employees to managing directors

Less is more: American multinational investment bank Morgan Stanley has elevated 155 of its employees to the designation of managing directors this year, as per sources.

The number is lesser than its 2023 cohort of 184 promotions to the MD chair, as per the source cited.

The bank has elevated Ted Pick, who is a banking veteran with three decades of experience, as their new CEO from January 1. He replaces James P. Gorman, who will transition to the role of executive chairman of the board.

Notably, 37 per cent of the total employees being promoted are women. Among the US-based managing directors, 29 per cent of them are ethnically diverse.

Morgan Stanley did not immediately comment on the development.

The bank joins other Wall Street giants in fewer banker promotions this year.

Bank of America promoted 334 employees to become managing directors, which is 8 per cent fewer than the previous year.

On the other hand, Goldman Sachs,  which announces an elevation to the managing director post every two years, appointed 608 managing directors.

The number was down 5 per cent from the 643 promotions which were done two years ago in 2021.

Investment banks in the likes of Morgan Stanley had a tough 2023 on the back of deal-making activities slumping, which was caused by uncertainty in the global market. 

Notably, mergers and acquisitions activity fell to the lowest level in 10 years globally in 2023.

The company in a report this week has projected a bullish outlook on Indian markets, but also cautioned against "a further rise in volatility," on the back of the upcoming elections as well as higher valuations.