Despite recent job cuts, there were plenty of smiling faces at Morgan Stanley on Thursday after the bank named 144 new managing directors. The vast majority of those people happened to be men.
A total of 17.4% of Morgan’s newly-named MDs were women, which is “roughly in line with last year,” a bank spokesperson told eFC. In contrast, Goldman Sachs, often criticized for being a boy’s club, recently named a class of managing directors of which 23% were women. Deutsche Bank, meanwhile, has a goal of having women account for 25% of its senior management by 2018.
The current class at Morgan Stanley is more diverse than previous groups. In 2009, for example, just 13% of new MDs were women. The bank named only 144 MDs this time around, down from 210 last year.
Either way, the lack of diversity is a bit surprising considering Morgan boasts one of the few female chief financial officers on Wall Street, along with J.P. Morgan’s Marianne Lake and Nomura’s Junko Nakagawa.
In related news, Morgan Stanley Chief Executive James Gorman is expected to take a pay cut for 2012 following a so-so year, according to The Wall Street Journal.
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