Former chancellor Sajid Javid is hired as an adviser to JPMorgan

JPMorgan did not comment on how much he would be paid, beyond saying it was a paid position and has approval of the Advisory Committee on Business Appointments at the Cabinet Office.

He served as Home Secretary before taking over as Chancellor from Philip Hammond in 2019. He was succeeded in February by Rishi Sunak. He also served as business secretary after the 2015 general election under David Cameron.

Contacted by the Evening Standard, a JPMorgan spokesman said: "We are delighted to welcome Sajid back to JPMorgan as a senior adviser, and we look forward to drawing upon his in-depth understanding of the business and economic environment to help shape our client strategy across Europe."

JPMorgan has as advisers numerous senior business and political leaders from around Europe with knowledge of the macroeconomic and geopolitical environment.

On the EMEA Advisory Council, Javid will advise co-head of investment banking Vis Raghavan and Daniel Pinto, co-president of JPMorgan and CEO of the investment bank.

Blair is more of a global adviser at the group with the ear of group CEO Jamie Dimon.

It is believed Javid will not be commanding the same kind of salary as Blair's reputed £2 million a year.

In an email to staff, Raghavan and Pinto said Javid and his fellow council members' insights would "help us to set the strategic direction of the EMEA franchise."

The panel includes senior business and political leaders from all the major EMEA countries, with Javid being the UK expert.

Javid was the first British Asian to hold a great office of state in the UK.

He was born in Rochdale, Lancashire, to a British Pakistani family and studied economics and politics at the University of Exeter where he joined the Conservative Party.

His banking career also included time at Deutsche Bank - a factor that led to claims in 2019 by shadow chancellor John McDonnell that he was implicated in the causes of the "casino economy" banking that led to the Global Financial Crisis. McDonnell pointed to Javid's work selling collateralised debt instruments, which many accuse of having increased the amount of risk in the banking system.

JPMorgan emerged from the financial crisis as the clear winner in what was the biggest disaster to hit the markets since the 1930s.

It is now the biggest, most powerful bank in the world, employing thousands at its global investment banking hub in Canary Wharf.