11:57 GMT27 September 2020
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    After a failed leadership bid and various cabinet positions, Sajid Javid was appointed Chancellor of the Exchequer upon Boris Johnson's replacement of Theresa May as Prime Minister in 2019. Javid later left the cabinet due to conflict with the PM's chief policy advisor.

    The former UK chancellor has rejoined financial world, this time in a high-ranking advisory position at US financial giant JPMorgan, it was revealed on Tuesday.

    Javid, who left Boris Johnson's cabinet earlier in 2020, has been appointed senior adviser on the bank’s advisory council for Europe, the Middle East, and Africa.

    The bank confirmed it would be a paid position but did not disclose Javid's salary. 

    “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 company's spokesman said.

    The position will see Javid meet with the other members throughout the year in order to discuss opportunities and challenges facing the bank, and oversee client strategy in the regions.

    Aside from the chancellorship, he also served as culture secretary, business secretary, and home secretary. JPMorgan said that no privileged information from his time in government would be shared with the company.

    Javid’s new job has already been approved by the UK’s Advisory Committee on Business Appointments (ACOBA), which regulates new jobs for former ministers and senior civil servants.

    The former chancellor for Boris Johnson resigned from the cabinet after refusing to sack his aides on the orders of the PMs chief advisor, Dominic Cummings.

    He will join the former prime minister of Finland Esko Aho and former Italian economy and finance minister Vittorio Grilli on the 12-strong council.

    He is not the first chancellor to take a frontline financial job since recently leaving the frontbench - his predecessor Philip Hammond joined the British business bank OakNorth as an adviser after stepping down from parliament in 2019.

    Tony Blair also took a position with JPMorgan after leaving office as Prime Minister in 2005.

    In 1991, Javid joined Chase Manhattan in NYC. He later moving to Singapore to head Deutsche Bank's credit trading, equity convertibles, commodities, and private equity businesses in Asia.

    In a revolving door fashion, he entered politics in 2009 after leaving the financial work, now just a decade later he returns to his former employer.

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    financial market, JP Morgan Chase, JP Morgan, Conservative Party, Sajid Javid
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