He will take up his role at the financial services firm in January. Mr Darling, now a member of the House of Lords, was chancellor between 2007 and 2010 and served as a Labour MP for 28 years. The 62-year-old has been a prominent member of the campaign backing Britain to remain within the EU. Morgan Stanley chairman James Gorman said Mr Darling’s experience at the helm during the economic crash will be useful. He said: “I am very pleased to welcome Mr Darling to our Board. 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.” James W Owens, chairman of the board’s nominating and governance committee, said: “We will all benefit from his financial, risk management and regulatory insights.” Meanwhile the Financial Times reported the firm is to cut 1,200 jobs, after it suffered its worst quarter of bond trading since the financial crisis. The news of Mr Darling’s appointment comes a day after it was revealed former prime minister Gordon Brown had taken on a job at global investment firm Pimco. The ex-Labour leader will advise Pimco on economic and political issues, the firm said. Mr Borwn announced last year that he was bowing out of Westminster politics at the May election and would instead focus on charity work and his role as a United Nations envoy.