domingo, abril 14, 2024

Former Chancellor Javid returns to JP Morgan

Sajid Javid Image copyright Getty Images

Former Chancellor Sajid Javid has accepted a job with US bank JP Morgan.

Mr Javid left as chancellor in February after refusing to sack his advisers.

The row was part of a power struggle with the Prime Minister’s chief adviser Dominic Cummings.

The bank didn’t disclose his pay or hours, but said the work wouldn’t interfere with his duties as a member of parliament. The job marks a return to banking for Mr Javid, and a return to a former employer.

He worked for JP Morgan in the 1990s in New York before moving to Deutsche Bank.

‘Shaping strategy’

The job as senior adviser on the bank’s advisory council for Europe, the Middle East and Africa will see him join former Italian economy and finance minister Vittorio Grilli and former prime minister of Finland Esko Aho on the council.

Former Prime Minister Tony Blair also took a post at JP Morgan after leaving office.

Mr Javid will provide advice to the bank’s executives in the region, although he is barred from sharing sensitive information he received as chancellor.

«We are delighted to welcome Sajid back to JP Morgan 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 lender said in a statement.

The job has been approved by the UK’s Advisory Committee on Business Appointments (ACOBA), which oversees jobs for former ministers and top civil servants.

Ministers must seek the panel’s approval if they want a job within two years of leaving a ministry.

The rules aim to stop jobs being traded for favours and sensitive knowledge about forthcoming laws and secrets about competitors.