Former chancellor Alistair Darling is to join the board of Morgan Stanley as a director.
The Financial Times reports Darling, who stepped down as an MP in May, will take up the role in January, advising the bank on risk management and regulation.
Darling spent 23 years in parliament, including overseeing the nationalisation f Royal Bank of Scotland and Lloyds Banking Group during the financial crisis in 2008.
The appointment comes one day after former Labour prime minister Gordon Brown was hired by Pimco as an adviser.
Morgan Stanley chairman and chief executive James Gorman says: “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.”
Darling’s appointment to the board came as Morgan Stanley announced it would be cutting 1,200 jobs, with 730 roles affected in support functions and 470 front-office job losses from the bank’s fixed income division.