Morgan Stanley has launched a new recruitment programme aimed at hiring more Black and female candidates with experience outside of the financial sector, as large investment banks look for new ways to bolster diversity in their ranks.

The US investment bank is set to hire up to 10 Black or female candidates with at least three years experience outside of the financial sector for its sales and trading under a new scheme called the experienced professionals' programme. This is the first recruitment scheme of its kind within revenue generating parts of the investment banking sector.