Alistair Darling appointed to Morgan Stanley's Board of Directors

Another former Labour Chancellor of the Exchequer has been appointed as an adviser to a top financial insitution.

A day after Gordon Brown was hired by Pimco for its Global Advisory Board, his successor as Chancellor, Alistair Darling, has been picked by Morgan Stanley for its board of directors.

The 62-year-old Scot, who was in control of Britain's economy between 2007 and 2010 and was an MP until earlier this year, will start the role on January 1.

James Gorman, chairman and chief executive of Morgan Stanley, said: “He brings strong leadership experience, as well as insight into both the global economy and the global financial system.

“As Chancellor of the Exchequer he played a central role in responding to the financial crisis. The Board, our management and our shareholders will greatly benefit from his experience and perspective.”

During his 1000 days as Chancellor, Darling presided over the bailouts of both Lloyds and RBS and has often described how he was given just two to three hours to save the latter.

Morgan Stanley board members were paid $75,000 for their service in 2014, according to company filings.

They also received between $10,000 and $30,000 for working on or leading a board committee and were awarded $250,000 in stock.

Brown's role at Pimco sees him working alongside Ben Bernanke, the former head of the US Federal Reserve, and former president of the European Central Bank Jean-Claude Trichet.

A spokesman told the BBC on Tuesday that Brown will not financially benefit from his work there.