“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.”

In its recent third-quarter results, Morgan Stanley logged net revenues of $7.8 billion, compared with $8.9 billion a year ago. Its wealth management business reported pre-tax income from continuing operations of $824 million at end-September 2015, up from $800 million a year earlier.