- 54% named work in investment-banking and trading division
- The total includes 33 women, or 21% of the bank's new class
Morgan Stanley named 156 employees to the title of managing director, five more than last year.
Fifty-four percent of those selected for the company’s highest non-executive title work in the investment-banking and trading division, New York-based Morgan Stanley said Monday in an e-mailed statement. The total includes 33 women, or 21 percent of the class, roughly unchanged from last year.
The bank typically releases the list of those promoted about a week after announcing the number in the latest class. About 62 percent of the new managing directors work in the U.S., while 21 percent are in Europe, the Middle East and Africa. The rest are in Asia.
Morgan Stanley, which has been struggling to improve returns amid a slump in fixed-income trading, this month unveiled a $1 billion cost-cutting initiative and new leadership of a scaled-back bond-trading unit. The firm said it would improve return on equity to at least 9 percent by 2017.