Morgan Stanley has promoted 184 employees to managing director roles this year, an increase of about 6% from a year earlier, according to an internal memo seen by Reuters.
The promotions, up from 173 last year, were weighted towards roles focused on generating revenue, the memo showed, highlighting the bank’s emphasis on strengthening senior leadership in client-facing businesses.
Managing director is among the most senior ranks at Morgan Stanley and is typically reserved for executives who oversee major client relationships, lead key teams or drive significant income across investment banking, markets and wealth management.
The rise in promotions comes as large US banks position themselves for a potential revival in dealmaking activity after a prolonged slowdown. Bank executives have pointed to improving conditions for mergers and acquisitions and initial public offerings as inflation cools and interest rate expectations stabilise.
Peers are taking similar steps. Bank of America also promoted a larger group of employees to managing director roles in December, as dealmakers at the biggest US banks prepare for a possible rebound in capital markets activity, Reuters reported.
Morgan Stanley has not publicly commented on the memo. The selective increase in senior promotions suggests the bank is balancing cost discipline with the need to be ready for an uptick in client activity should market conditions improve.