(Bloomberg) -- Morgan Stanley elevated 130 executives to managing director, according to a person familiar with the matter, marking the smallest wave of annual promotions to the firm’s top rank since 2002.
The bank, like rival Goldman Sachs Group Inc., has been incrementally tightening entry into its top level in recent years, burnishing the prestige of the achievement but also reflecting efforts to rein in costs. When Goldman named partners in late 2018, the group was 18% smaller than two years earlier.This year’s class at Morgan Stanley compares with 145 last year and 153 before that. A decade ago, classes topped 200.Women got 25% of the promotions, raising representation in that rank to 21%, the highest yet, the person said, asking not to be named. Regionally, 58% of those elevated are in the Americas, 22% in Asia and 20% in Europe, the Middle East and Africa. In the U.S., 17% of the class is Asian, 4% black and 4% Hispanic.
Here is a list of people named, sorted by business area:
Rubens Opice Neto
Mislav Krizanovic De Corbavia
Global Capital Markets
Lauren Garcia Belmonte
Bank Resource Management
Josh Van Aalst
Jeffrey J. Corso
Andrea De Simone
Michael Lanigan Kaicher
William Hughes Milam Jr.
Scott R. Norby
Legal and Compliance
Jessica Leigh Schnurr
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