Morgan Stanley promoted 130 new managing directors across the firm for its 2020 class.
That’s fewer new MD promotions than in recent years at the investment bank, which has been cutting costs in recent months.
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Morgan Stanley has promoted 130 new managing directors across the firm, according to a person familiar with the matter.
The 2020 managing director class is smaller than recent years — the bank promoted 145 managing directors in 2019 and 153 in 2018.
A smaller MD class wasn’t unexpected, given the bank recent cost-cutting measures. The firm announced a 2% cut to its workforce in December, or roughly 1,500 jobs, amid what it views as a difficult economic backdrop.
The managing director title at the investment bank is among the most coveted on Wall Street.
Other stats about the 2020 class:
25% of the new promotes are women, boosting the firm’s overall female MD population to 21%, its highest mark to date.
In the US, 4% of the new MDs are Black, 4% are Hispanic, and 17% are Asian.
58% of the 2020 class is based in the Americas, 20% in Europe, the Middle East, and Africa, and 22% in Asia
Morgan Stanley is scheduled to report fourth-quarter earnings results on Thursday, the last of the big US investment banks to report.
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Source:: Business Insider