Morgan Stanley promoted 184 of its employees to managing directors this year, an about 6% increase from a year ago, according to an internal memo seen by Reuters.

The promotions, up from 173 last year, are weighted toward roles focused on revenue, the memo showed.

Bank of America also promoted more employees to managing director roles in December, as dealmakers at the biggest U.S. banks prepare for a resurgence in mergers and acquisitions as well as initial public offerings.

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(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)