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Former Chancellor's new post

Darling joins board of US bank Morgan Stanley

Screenshot 2015-12-09 00.29.34Former Chancellor Alistair Darling is to join the board of US bank Morgan Stanley. Mr Darling, who served as the Chancellor of the Exchequer through the banking crisis between 2007 and 2010, will take up the role in January.

His appointment comes just a day after the Prime Minister her served, Gordon Brown, was hired as an adviser by the global investment firm Pimco.

Morgan Stanley’s chief executive James Gorman said the US bank would “greatly benefit” from Mr Darling’s experience.

“He brings strong leadership experience, as well as insight into both the global economy and the global financial system,” said Mr Gorman.

It is thought the role will attract a salary of around £50,000 a year, plus shares and his appointment coincides with a job cutting exercise at the bank which is expected to shed 1,200 posts, including more than 220 in the UK.

Mr Darling served as an Edinburgh Labour MP from 1997.

 

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