US Banks Experience Surge in Managing Director Hiring in 2025
2025 proved to be a significant year for US banks in terms of hiring and exits. According to a recent report, top US banks witnessed a doubling of their managing director (MD) hiring during the year.
The data, sourced from search firm Sheffield Haworth, indicates that major players such as Morgan Stanley, Bank of America, RBC, and UBS significantly ramped up their recruitment of external investment banking MDs in 2025 compared to the previous year. JPMorgan, Citi, and Barclays also saw a substantial increase in hiring activity in this category.
However, the influx of new MDs was accompanied by a wave of exits. One bank reportedly saw a net loss of 23 US-based MDs, while Citi, which had engaged in heavy hiring in 2024, ended the year with eight fewer MDs.
It’s important to note that the figures presented in the chart do not include MDs promoted internally within the banks.
Key Highlights and Projections
Wells Fargo emerged as the leading hirer of MDs in 2025, ending the year with 21 more MDs than it had at the beginning, excluding internal promotions. Fernando Rivas, the head of Wells Fargo’s corporate and investment bank, revealed plans to add 25-30 new MDs in both 2026 and 2027, building on the 125 investment bank MDs hired by the firm since 2019.
Implications for the Industry
The dynamic hiring and exits within the US banking sector in 2025 suggest a period of transition and recalibration for major institutions. While the surge in MD recruitment may signal growth and expansion strategies, the departures of experienced professionals raise questions about talent retention and organizational stability.
As banks navigate these shifts, strategic workforce planning and talent management will be crucial to sustaining competitive advantage and driving innovation in a rapidly evolving financial landscape.
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