Alistair Darling Image: Financial Times

Former chancellor of the exchequer Alistair Darling has joined the board of Morgan Stanley, the banking giant has announced.

The 62-year old, who served as chancellor between 2007 and 2010 under Gordon Brown, will start work in January. It was revealed yesterday (Tuesday) that Mr Brown himself would be joining global investment management firm Pimco in a "minor advisory role".

Morgan Stanley's chief executive James Gorman said the American bank would "greatly benefit from his experience."

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

It is understood that Alistair Darling will take a salary. In 2014, Morgan Stanley board of directors earned $75,000 (£49,960), a bonus of $10,000-$30,000 and shares worth $250,000. A spokesperson for Gordon Brown said that any money earned would go to his charity.