(Reuters) - Wall Street giant Morgan Stanley (NYSE:MS) promoted 173 of its employees to managing director roles this year, marking a 12% increase from 2024, a source close to the matter told Reuters on Wednesday.
Bank of America also promoted more employees to managing director roles in December, as dealmakers at the biggest U.S. banks prepare for a resurgence in mergers and acquisitions as well as initial public offerings.
The banking sector is hopeful of a friendlier regulatory environment under the incoming Trump administration and expects lower interest rates to stimulate dealmaking.
Morgan Stanley promoted 155 employees to the rank of managing director last year, down from the 184 promotions carried out by the firm in 2023.
The company beat estimates for third-quarter profit in October, driven by strength in its investment banking sector. The bank is set to report its fourth-quarter results next week.
Shares of Morgan Stanley gained 35% in 2024, outperforming broader U.S. equity markets.