Morgan Stanley (MS), owner of the world’s largest brokerage, appointed 210 managing directors, the fewest to achieve the company’s highest rank since 2008.
Morgan Stanley listed the appointments today in a Business Wire statement. The number of employees at the New York-based firm declined to 61,899 at Dec. 31, down from 62,542 a year earlier.
Morgan Stanley’s profit fell 13 percent last year to $4.11 billion as the firm had a 4 percent return on equity, below Chief Executive Officer James Gorman’s goal of “mid-teens.” The company, whose shares dropped 44 percent in 2011, posted the only trading revenue increase among major U.S. lenders, excluding accounting gains.
Morgan Stanley had per-share losses in two of the past three quarters as it took charges to eliminate swap contracts purchased from MBIA Inc. (MBI) and to convert Mitsubishi UFJ Financial Group Inc.’s preferred stake to common shares.
The number of new managing directors fell from 232 last year and 212 the previous year. The firm named 133 managing directors at the end of 2008.
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