Morgan Stanley

UK Women in Finance Charter

Annual Update 2019


Supporting the progression of women into senior roles is a key strategic priority for Morgan Stanley’s senior leadership worldwide. The correlation between gender-balanced teams and improved decision-making, innovation and performance aligns with our core values of leading with exceptional ideas, putting clients first, and doing the right thing.


Clare Woodman
CEO of Morgan Stanley International and Head of EMEA

"Proactively increasing the representation of women in senior management roles and nurturing the  future pipeline is a key strategic priority for our global leadership team as well as for me personally. I am proud that in 2016, Morgan Stanley was the first major US investment bank to sign the HM Treasury Women in Finance Charter and in 2018, the first investment bank to sign the Race at Work Charter.

We are putting intense focus into strengthening the pipeline of promotion candidates, with proactive succession planning, gender-balanced shortlists and robust leadership development initiatives. Senior Management regularly discusses our high-potential female talent with the focus on effective sponsorship and proactive platform planning. We also emphasise building the pipeline and attracting more women to join the Firm; thereafter focusing on retaining, developing and inspiring them. Setting the tone from the top and cascading accountability to drive change is vital, together with increased transparency, regularity of metrics reporting and stretching divisional targets."

Charter Targets Progress

As an early signatory of the Charter in 2016, we committed to an original target of increasing our female officer population in EMEA by 2.5% by end of January 2019 as this encompassed our top three layers of management (Managing Director, Executive Director and Vice President). While we were making solid progress to meet that target, we took the opportunity of the approaching deadline to review our goal and decided to set ourselves a more ambitious over-arching female senior management target.

We aim to increase UK female representation in senior roles to be at least 30% by end of January 2023. We define senior management as Operating Committee members and two layers of direct/co-direct reports below them, including UK officers only. We are making progress and as at September 2019 are at 28.8%.

2018 Progress Highlights

  • Female representation on our main Morgan Stanley International Board has increased from 36% to 42%
  • Female representation on our European Operating Committee has increased from 17.6% to 31%
  • In addition to our female CEO, we now have five EMEA female Division Heads, namely:  

o Chief Financial Officer (Kim Lazaroo)

o Chief Information Officer (Katherine Wetmur)

o Head of Operations (Fiona Kelly)

o Head of Research (Juliet Estridge)

o Head of Bank Resource Management (Susan O’Flynn)

  • We are one of three core investment banks in the Times UK Top 50 Employers for Women 2019 in association with Business in the Community
  • Sixth year of our global Return to Work programme (3rd for Budapest and 1st for Glasgow)
  • Globally, the percentage of women on our Summer Analyst programme was 50%

EMEA Diversity and Inclusion Governance and Strategy

Our EMEA Diversity Action Council provides thought leadership and acts as a catalyst to drive forward the overall EMEA diversity strategy in partnership with our Human Resources, Diversity and Inclusion and Talent teams. It meets monthly and is co-chaired by Jakob Horder, Global Head of Fixed Income Macro and Noreen Whyte, CEO of Morgan Stanley Bank International and Co-Head of the Loan Solutions Group in Global Capital Markets.

Additionally, each Managing Director member is held accountable by their Division/Region Head for ensuring that rigor and creative thinking are incorporated into their respective divisional diversity practices and delivering on their annual diversity and inclusion plan.

Regular meetings are held with Division/Region Heads, their Chief Operating Officers and Diversity Action Council members to review divisional progress on metrics, the diverse talent pipeline and specific diversity initiatives. Accountability is underscored by quarterly discussions with the European Operating Committee.