Business

Fromer UK chancellor Sajid Javid returns to JPMorgan

He has joined the US lender’s European advisory council, which will offer counsel on its operations in the region after Brexit

Former UK chancellor of the exchequer Sajid Javid gestures as he speaks during a panel session at the World Economic Forum in Davos in January. He has taken up a role at JPMorgan, the bank where he started his career, six months after quitting as UK chancellor. Photograph: Jason Alden/Bloomberg

Owen Walker
Stephen Morris
Mon Aug 17 2020 - 19:51

Sajid Javid has taken up a role at JPMorgan, the bank where he started his career, six months after quitting as UK chancellor.

Mr Javid has joined the US lender’s European advisory council, which will offer the group counsel on its operations in the region after Brexit, according to a memo to staff seen by the Financial Times.

Mr Javid joined JPMorgan in New York after leaving university, later moving to Deutsche Bank before becoming a Conservative MP in 2010.

His role at the bank will be "strictly ringfenced" from his political position and has been signed off by the UK government's Advisory Committee on Business Appointments, according to a person briefed on the details.

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Among other members of the council are Esko Aho, the former Finnish prime minister, and Vittorio Grilli, the former Italian finance minister, who has taken over as chair.

Council members

The council is made up of senior business and political leaders from across Europe, the Middle East and Africa and meets periodically throughout the year.

“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,” the bank said in a statement.

JPMorgan declined to provide details on how much Mr Javid would be paid.

In 2008, it hired Tony Blair as a senior global adviser, paying the former UK prime minister £2 million a year.

Mr Javid joined JPMorgan Chase in its currencies and emerging markets businesses in New York before switching to Deutsche Bank.

He quit as chancellor in February after losing a power struggle with prime minister Boris Johnson and his adviser Dominic Cummings over who should control the country's economy.

In May, Mr Javid said he was “worried about the health of our banks” and that lenders may have to be forced to take on more capital to maintain lending to British businesses during the coronavirus crisis.

Copyright The Financial Times Limited 2020

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