Morgan Stanley

UK Women in Finance Charter

Annual Update 2020


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 value Commit to Diversity and Inclusion. 


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. Our early adoption has enabled us to embed actions early through the organization.

In June, 2020 we announced the creation of a new Institute of Inclusion, an independent advisory board responsible for setting policy, putting in place metrics, coordinating our internal and external voice, and overseeing the mentoring, development and promotion of our diverse employees. In addition, we also announced a new core value, Commit to Diversity and Inclusion, to make more explicit our responsibility for representation, equitable treatment and justice. While our shared commitment to diversity was understood to be a part of our Doing the Right Thing value (and was stated as one of the actions), we felt that it was appropriate to make our commitment to diversity and inclusion more explicit which includes gender diversity."

Charter Targets Progress

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 have made good progress and as of September 2020 are at 32.8%.

2020 Progress Highlights

  • Female membership of the Morgan Stanley International Board rose from 18% (2017) to 38% (2020)
  • Female representation on our European Operating Committee increased from 17.6% (2018) to 39% (2020)
  •  In addition to our female CEO, in EMEA we have seven female leaders:

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 Human Resources – Caroline Styant

o        CEO of MSBIL and Co-Head of Loan Solutions & Securitizations Group – Noreen Whyte

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 2020 in association with Business in the Community
  • Sixth year of our global Return to Work programme (3rd for Budapest and 1st for Glasgow)
  • Globally and in EMEA, our percentage of women on the 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 Human Resources, Diversity and Inclusion and the Talent teams. It meets monthly and is co-chaired by Simon Smith, Managing Director, EMEA Head of the Investment Banking Division 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 monthly strategic dialogue with the European Operating Committee.