Morgan Stanley has elevated 155 people to managing director — around 30 less than in 2023 — after a difficult year for the Wall Street bank, which cut thousands of employees.

The US bank anointed its latest class of MDs, the highest rank at Morgan Stanley, on 10 January, according to a person familiar with the matter. Around 44% came from its institutional securities unit, which houses its investment bank and 15% are in investment management. A further 12% work in its wealth management unit, while 29% came from infrastructure functions.