Promotion Watch '15: Morgan Stanley

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A new class of managing directors was anointed this morning, with a congratulatory call from Big Jim.

Senior Morgan Stanley executives, including Chief Executive Officer James Gorman, have been calling employees named to the new class of managing directors, people familiar with the matter told Reuters...The Wall Street bank will make an internal announcement with names of the new managing directors at noon EST (1700 GMT). Last year it appointed 153 new managing directors.

Exclusive: Morgan Stanley appoints new managing directors - sources [Reuters]

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Contrary to popular belief, not all news is bad news at Citigroup. Yesterday a whole buncha employees were named Managing Directors and while some might say that the only Wall Street promotion news worth reporting is that of Goldman Sachs, Citigroup is a real bank, too, so here ya go:

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Recent events might have had you thinking otherwise, but Credit Suisse does more than just layoff its employees-- sometimes it promotes them, too! Earlier this morning, in fact, the Swiss bumped a whole bunch of guys and girls up to managing director. And even though it's not grundle-to-face level exciting, it's still something.

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Cuts have begun across the pond.

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And backing up the rear for bonus across the pond: Société Générale.

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The four-figures worth of cuts announced this week are under way.

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James Gorman is approaching cost-cutting with the same focus as the Zodiac killer, so maybe. Morgan Stanley is "maniacally focused" on cutting costs apart from compensation and is on track to reduce expenses by $500 million this year, Chief Executive James Gorman said on Tuesday. Gorman, speaking at a conference in New York, also reiterated Morgan Stanley's plans to reduce costs by $1.4 billion annually over the long term...The bank is also monitoring the size of its overall payroll for possible job cuts as revenue remains under pressure from a weak market environment, he said. "We are very, very focused on that, obviously, in this environment," said Gorman. Morgan Stanley "maniacally" focused on cost cuts-CEO [Reuters] Very much related: Morgan Stanley Joins Goldman Sachs In Herbicide

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