Morgan Stanley has promoted 173 people to the coveted role of managing director, its highest rank, which is an increase of 12% on the prior year.

The US bank has promoted around 20 people more than 2024, but the class remains smaller than prior years. Investment banks including Bank of America, Citigroup and Goldman Sachs have unveiled larger promotion rounds this year as firms focus on retention amid what is expected to be a more competitive market for talent.