Tony Blair joins JP Morgan as advisor

Mumbai: Former British prime minister Tony Blair has joined US bank JPMorgan Chase & Co Inc, the third-largest US bank, as a senior advisor.

Blair will give JPMorgan Chase's CEO and senior management team advice on global politics on a part-time basis, and participate in the company's events with key clients, the bank said in a statement.

"I look forward to advising them on how they approach the huge political and economic changes that globalisation brings," Blair said in a statement.

Blair is following the footsteps of his predecessor John Major who joined The Carlyle Group, a US finance company, in 1998 after leaving office as prime minister.

Blair, who is expected to provide political and strategic advice to the bank, will be paid £500,000 ($1.1 million) in the new part-time job.

Blair, however, declined to say how much he would be earning. But the Financial Times quoted a New York recruitment consultant who said the job was likely to be worth more than £500,000 a year.

The Financial Times quoted Blair as saying that he expected to agree to "a small handful" of similar appointments with other companies.

The JPMorgan Chase job was brokered by Robert Barnett, the Washington lawyer who negotiated a reported $9million ($10 million) advance for Mr Blair's memoirs.