Philip Webster, Political Editor
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Tony Blair is to take a job with JPMorgan Chase, the international financial services and investment banking group, The Times learnt last night.
The former Prime Minister is to be a political adviser to the American firm which operates in more than 50 countries and whose assets are put at $1.5 trillion, with interests also in commercial banking and private equity.
Sources said last night that Mr Blair would advise the bank on global political issues. His salary is unknown but is likely to be more than £500,000.
Jamie Dimon, chief executive of JPMorgan Chase, said Mr Blair would be “enormously valuable” to the company. “There are only a handful of people in the world who have the knowledge and relationships that he has.”
Mr Blair said that he expected to agree to “a small handful” of similar appointments with other companies in different sectors. He is believed to have held talks with other banks, such as HSBC and Citigroup, about such roles and there was speculation at the end of last year that he would take a position at Credit Suisse because of his close friendship with Russell Chambers, one of the bank’s senior executives.
Mr Blair told the Financial Times: “I have always been interested in commerce and the impact of globalisation. Nowadays, the intersection between politics and the economy in different parts of the world, including the emerging markets, is very strong.”
The JPMorgan Chase job was brokered by Robert Barnett, the Washington lawyer who also negotiated a reported £5 million advance for Mr Blair’s memoirs.
Mr Dimon, who is one of the leading Democrats on Wall Street, said he approached Mr Blair personally. “I went to visit him and we hit it off.” He said it was important to both men “to try to make the world a better place and have a bit of fun doing it”.
Mr Blair will add the part-time advisory role to his job as a Middle East envoy and speaker on the international lecture tour, which is earning him about £100,000 a speech.
It will be the first big City appointment for Mr Blair, who is on course to earn £5 million from the publication of his Downing Street memoirs in 2009. Mr Blair has struck a deal with publishers on both sides of the Atlantic that has only been bettered by the sums paid to Bill Clinton, according to publishing sources.
A source close to Mr Blair said: “Tony is focused on and enjoying the challenge of his task in the Middle East. He continues to receive requests to speak and, as his schedule allows, he does so on both a paid and unpaid basis.”
Mr Blair’s new job will have been approved by the Advisory Committee on Business Appointments, which vets all jobs given to former ministers.
He is not being paid a salary in his role as Middle East envoy, working on behalf of the Quartet — the US, Russia, the UN and the EU. However, Britain has donated £400,000 to a UN development programme trust fund, which provides “operational and technical support” in the Jerusalem office of Mr Blair.
In a Commons written reply, David Miliband, the Foreign Secretary, said that Britain had seconded four staff to Mr Blair’s team, and that other international donors were supporting his work.

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Is he going to donate any of his millions to charities looking after Iraqi orphans and destitute that he created in order to be offered these lucrative positions?
Wasim, Edin, Scotland
Northern Rock would have been a better choice as he allowed the whole subprime bubble to occur on his watch.
John, London, England
Tony Blair is a man of exceptional knowledge and experience. His time as a politician should not affect his position at JPMorgan Chase as he is quite simply putting his skills to use like any other employee of the company.
Edwin, Edinburgh,
What's wrong with him earning these sums? The more he earns the more tax he pays...
bob, berkshile,
How could anyone take advice from a man with such poor judgement?
This appointment is more about access to the politicians through Bliar's network than anything else.
Russ, Reading, UK
Crime really does pay. I do business with Chase Manhattan and I strongly object. He should be in prison.
Michael S. Stumm, Battle Creek, MI, US
I'm not surprised. I've always said that given that the financial services sector has got away with blue murder for the past ten years there was obviously some sort of special relationship between Blair/Brown and the City.
DickW, Aberdeenshire, Scotland
Economic stability. Personnel debt rose to £3.2 billion. Governement waste reached new heights with more IT projects failling or overspent. Millenimum Dome. Spin at the expense of democracy.
steve, chester, cheshire
How âenormously valuableâ to the company depends on how âenormously valuableâ his contacts are. Correct or not?
Henry, S'pore, S'pore
Still not as well paid as the premiership footballers/pop stars who are loved by the very people who can't sem to digest the news that one of the most powerful men on earth, who had a direct impact on the impact of many around the globe, is now simply using his own knowledge to make an honest living.
Hassan Azam, Banbury , Oxfordshire, England
It pays to be a poodle.
Farrukh, Woking, UK
The phrase 'Gravy train' springs to mind.
Dee, London,
Just as the banking sector thought things could not get worse!!! ray,norfolk,uk
ray barton, dereham, uk
The UK has gone through one of the most prosperous periods in History under Tony Blair, from peace in NI through to a stable and healthy economy. In my opinion he is a very intelligent man, both with charisma and passion for what he does. I do believe he strongly believes in all the things he has done and the decisions he made - even though I may disagree personally with one or two. At the end of the day, politics is an extremely stressful and tough job to do - working with very difficult people, long hours & complex tasks. And despite all of this politisions are paid quite badly compared to those of us who work in the private sector especially when you consider banks and management consultancies. Net, Blair give us a great place to live over the last decade, he obviously sacrificed a lot of his life and energy to do this (just look at the before and after pictures!) and in my opinion he deserves now a chance to make a bit more money and work in a less demanding, public role.
Alexander Roan, London, England
What wonderful news it makes me so happy-
at a time of misery for so many that our Tony has access to such wealth- yes our Tony, a man of the people for the people now watch this true socialist distribute his wealth down amongs those less well off...which is what he has always stood for
join me in writing to him after all he is such an ordinary type of guy....
mike cassidy, oxford,
Why shouldn't he exploit every opportunity that comes his way? Blair's numerous critics need to be more honest with themselves...would you turn down £100,000 to speak for an hour?!?
Paul Sampson, London,
This just shows the connection between corporations and the politicians in the west. How conveniently they are in bed with them whether in or outside of the government.
This is the reality of democracy in the west, where these politicians comes in power on the backdrop of donations from these corporate and later take jobs with them, guarding corporate interest not public.
Tauseef Zahid, London, UK
s'funny, I thought he would still be busy making his first confession, it's only been a couple of weeks since his conversion after all.
Hobbler, Watchet, UK
This proves that âIâm just a regular honest guyâ Blair, was always only looking after himself. If you didnât know what he stood for, you do now greed and power. This New Labour manipulator was a sham, his fellow politicians should hang their heads in shame at allowing him all that unbridled power whilst PM. Perhaps he will find similar fortunes for his closest allies, who supported his wars. Next stop for Blair EU president, followed by UN presidency, itâs a disgrace, that a man take this country to an illegal war, and then benefit in this way. Do we get the leaders we deserve because we are too apathetic? If he typifies our politicians then God help us and the world. We are desperate for an honest leader, where is he or she?
Michael, Sheffield,
Good on him.
LP, Cheltenham,
It's worth paying him any amount to distract him from trying to enter UK politics again. Enough already!
Colin , Shrewsbury,
It is now clear that all his years with Labour was only a charade. Shame on Mr Blair who is now hawking his connections and ' relationships' to grab a fabulous salary and perhaps a fat bonus too working for capitalist mercenaries.
The brittish should impose a fifteen years of cooling off period before any politian who had held office could take up any assignment for compensation
L.K.Balasubramanian., Avenel, NJ, USA
If he is such a self made man why did he employ so many advisers when he was Prime Minister, if he needed advice then how can he now be in a position were he gives it now, its nothing but a job for one of the boys.
Peter Dolan, Newton Aycliffe, Co. Durham, England
He sold Britain out with his treacherous deceitful
handling handling of the Treaty negotiations, dread to
to think what damage he will do to J P Morgan.
I wouldn't want the slippery individual any where near me.
Barry Holmes, Christchurch, New Zealand
So we finally get to know what Tony Blair really stands for.
After years of New Labour spin, promises of change [for the better], promises of a new way of doing things in politics and a new pro-democratic interventionist foreign policy we finally get to the heart of the matter.
Tony Blair stands for personal gain (not for you - just for him). Nothing more - nothing less.
And he's done it! Shame it's on the back of thousands dead in Iraq and thousands going bankrupt in the UK and millions of us having to pay for NHS failure, Black Rock, high interest rates, high petroil prices and almost all of us open to identity theft.
But, then that's all in the detail - and Blair was never good at detail. I'm sure these "blind-spots" help him come to terms with joining a religious movement that is misogynistic, homophobic and puts faith in dubious texts written 1,600 years ago.
"to try to make the world a better place and have a bit of fun doing it" Oh no! Not another 150,000 dead!!
James, Salisbury, UK
There are not enough pejoratives in the English language to describe this guy. It beats me why he went into politics in the first place but I suppose at the times he wasn't talented enough for Hollywood. JP Morgan had better be sure his advice doesn't land them with the same bill as he left British taxpayers to pick for his conceited adventures in Iraq. Britain is now a more tetchy and insecure place thanks to him
Ray Cobbett, Emsworth, Hants,
"Political advisor" - someone is having a laugh. Well, if he does for JP Morgan what he did for the UK the company could be in administration by this time next year. He was a pathetic failure as a PM and I would expect nothing better as a freelance advisor. I suspect they want his contacts not his opinions.
Oxford Don, Oxford, uk
So why did his son receive a full scholarship at Yale???
It's not easy to guess that there was probably someone else needing (and most certainly...) deserving the money;
Audrey, Cape town,
I think a retired top politician should refrain from such money grabbing, and keep himself available for a number of tasks in the interest of the nation: chair special committees, broker agreements between groups in society, support good causes. MAke sure the government pays him a wage similar to that of an MP till he dies, give him a small staff (which it does now anyway I suppose). But this money grabbing clearly creates the wrong impression. They don't pay him because he likes him, but because he has political connection, access, and is thus a good lobbyist. - You can't JP Morgan to follow the law, if they also have the chance to buy their way into power and have laws changed as they see fit.
This is really no different from a politician handing out public sector jobs to his voters.
peter, birmingham,
It is time to abolish the Prime Ministers pension arrangements - which are a full pension regardless of how long he is in office. These were made on the assumption that ex-PMs would not be multi-millionaires!
David, Petworth,
The news that Blair has got his snout ever more deeply into the trough hardly comes as a surprise. As a perfect example of champagne socialism, it was inevitable that he would be capitalising on those very close links he forged with George W. Bush.
Now that he is a Catholic, he must be spending many hours in the confessional box.
Richard, London, England
Mr Blair is a very nice person and honest as well as being a good PM when he was in power, Good luck to him.
mohsen, malaga, spain
I vote Tony should appear on 'Dancing with Stars'...after all his flashing feet barely touched the ground on his way from impoverished, man-of- the-people Prime Minister to the high price he charges for his services now.
I hear a bunch of Brits are hoping Washington lawyer, Robert Barnett, can broker a job for Gordon too.....in fact some of my friends say they'll be happy to 'pay' JPMorgan Chase to offer him a job and get him out of No.10.
"Value at any price!" I am told.
NYChristine, New York,
After 10 years serving as UK Prime Minister (hardly an un-demanding job) I feel Mr Blair is perfectly entitled to exploit opportunities open to him. The sums are impressive, but he can hardly be blamed if they are offered to him.
Gordon, Watford, UK
Wish I had money invested with JP Morgan Chase. I'd be withdrawing it right away. And hope thousands of other investors will do the same. We ought to petition the bank to withdraw their offer.
Alan, Kathmandu,
Blair has taken his swill. He says he is a Catholic, a Labour PM - - who has he served - except himself and family? Is this another Pitt, Attlee, Churchill? or just someone out for himself? I cannot recommend him to future generations -unless greed, personal ambition and avarice are to be lauded. A middle-east envoy? Back handers are no news to him - after all he has filled the Upper House with his cronies - so much for reform. Like his religious conversion - its all cosmetic.
Andrew Lewis, Cardiff, UK