Morgan Stanley elevated 173 employees to the rank of managing director, a 12% increase compared to 2024, when 155 employees were promoted.

Larger money center banks also boosted the number of new MDs this cycle, as investment banking rebounded and fixed income and equity trading continued to show strength.

In December, Citigroup named 344 new MDs – one of its biggest classes ever. Bank of America named 387 new MDs, up 16% from the prior year. Rival Goldman Sachs names new MDs every other year.

At Morgan Stanley, the new class is the first set of MD promotions under chief executive Ted Pick, who took the helm of the bank in January 2024.

About 46% of the new MDs are from the bank’s institutional securities group, which houses investment banking and trading.

While the number of promotions was up from last year, Morgan Stanley promoted more employees in 2023 and 2022, when 184 and 199 new MDs were added, respectively.

Source: IFR