On 17th August Monday, banking giant JP Morgan announced that they had hired former chancellor of ex-chequer Sajid Javid as a senior advisor at the Wall Street firm.
Sajid Javid remains the MP for Bromsgrove but will take up a post as a member of the US bank's advisory council for Europe, the Middle East and Africa (EMEA).
Javid had commenced his 18-year career in finance at Chase Manhattan, which later merged with JP Morgan, and served the organisation in several roles in its currencies and emerging market businesses. From there he had later joined Deutsche Bank where he ran several of the German lender's trading businesses in Asia, including in Singapore. He left Deutsche, where he was reportedly earning about £3m, in 2009 to pursue a career in politics and was elected to parliament the following year.
According to the Financial Times, his participation 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. This is not the first time that JP Morgan has appointed a political personality at its firm. Previous appointees include former Prime Minister Tony Blair and former Italian Finance Minister, Vittorio Grilli. Javid quit from No. 11 in February over a tug-of-war with Dominic Cummings where the Prime Minister’s current chief political advisor had wanted Javid to get rid of his entire press team.
A spokesman for the bank said, "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."
