- U.S. firm adds politician who orchestrated U.K. bank bailouts
- Darling's move follows Gordon Brown's appointment at PIMCO
Morgan Stanley named Alistair Darling, the U.K. Chancellor of the Exchequer during the financial crisis and a former member of the British Parliament, to its board of directors.
Darling, 62, who was chancellor from 2007 to 2010, will join the board on Jan. 1, the New York-based bank said Tuesday in a statement. His appointment follows a move by former U.K. Prime Minister Gordon Brown to join an advisory panel at Pacific Investment Management Co. announced on Monday.
In naming Darling to its board, the U.S. bank has added a politician who orchestrated the bailout of Britain’s largest banks during the depths of the global financial crisis, including the 45.5 billion-pound ($68 billion) rescue of Royal Bank of Scotland Group Plc in the largest state intervention to save a lender in history.
“He played a central role in responding to the financial crisis,” Morgan Stanley Chairman and Chief Executive Officer James Gorman said in the statement. “I am very pleased to welcome Darling to our board. He brings strong leadership experience, as well as insight into both the global economy and the global financial system.”
Darling was a member of the British Parliament from 1987 until this year’s election in May when he stood down. He was the leader of the cross-party Better Together campaign to keep Scotland part of the U.K. in 2014’s referendum and held several senior government posts prior to his time as chancellor, including Secretary of State for Trade and Industry and Secretary of State for Transport.