• Morgan Stanley promoted 130 new managing directors across the firm for its 2020 class.
  • That’s fewer managing-director promotions than in recent years at the investment bank, which has been cutting costs in recent months.
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Morgan Stanley has promoted 130 new managing directors across the firm, according to a person familiar with the matter.

The 2020 managing-director class is smaller than recent years – the bank promoted 145 managing directors in 2019 and 153 in 2018.

A smaller managing-director class wasn’t unexpected, given the bank’s recent cost-cutting measures. The firm announced a 2% cut to its workforce in December, or roughly 1,500 jobs, amid what it views as a difficult economic backdrop.

The managing director title at the investment bank is among the most coveted on Wall Street.

Other stats about the 2020 class:

  • 25% of the new promotes are women, boosting the firm’s overall female MD population to 21%, its highest mark to date.
  • In the US, 4% of the new MDs are Black, 4% are Hispanic, and 17% are Asian.
  • 58% of the 2020 class is based in the Americas, 20% in Europe, the Middle East, and Africa, and 22% in Asia

Morgan Stanley is scheduled to report fourth-quarter earnings results on Thursday, the last of the big US investment banks to report.

Read more: Citigroup CEO Michael Corbat sent out an internal memo congratulating the bank’s new class of managing directors – we got the entire list of 220 names