Wall Street giant Morgan Stanley promoted 173 of its employees to managing director roles this year, marking a 12% increase from 2024, a source close to the matter told Reuters on Wednesday. Bank of America also promoted more employees to managing director roles in December,

The bulk of Morgan Stanley's new managing directors, or 46%, work for the investment bank.

Morgan Stanley’s Asia wealth chief is looking to boost the number of staff dealing with its richest customers as the US lender pushes ahead with its regional expansion.