How do you address senior members? Mr. or by name?

Most of the times when I first meet a senior member in the investment management company where I work at, Morgan Stanley, they tell me their first names and a lot of the times they will tell me to address them by first name if I address them by their last name, like Mr.________. However, there are times when I am not sure whether it is more appropriate to go by first or last name. Any ideas?

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