Morgan Stanley promoted more people to managing director than at any point over the past eight years as Covid-19 has bolstered revenues at major investment banks.

The US bank named 171 new managing directors this week, a 35% increase on the class of 2020 and the highest number since 2012, according to a person familiar with the matter. The rank is the highest at Morgan Stanley, and is a highly-sought-after role that comes with a significant pay rise.