The investment bank is seeking to cut compensation costs, just like its brethren in the industry.
As for Morgan Stanley, it named 145 managing directors last year and 153 in 2017, Bloomberg reported. The number 10 year ago surpassed 200.
Women accounted for 25% of the 2020 elevations, putting their share of the managing director rank at a record 21%, a knowledgeable source told Bloomberg.
As for geographic breakdown, 58% of the new managing directors came from the Americas, 22% from Asia and 20% from Europe, the Middle East and Africa, according to Bloomberg. As for ethnicity, in the U.S., 17% of those promoted are Asian, 4% are black and 4% are Hispanic.
Morgan Stanley’s fourth-quarter earnings are scheduled for Thursday.
Analysts surveyed by Factset expected Morgan Stanley to report fourth-quarter earnings of $1.02 a share.
Shares fell 0.49% on Wednesday to $52.60. The stock has climbed 24% over the past year, compared to 28% for the S&P 500 index.
The author of this story owns shares of Goldman Sachs.