Tony Blair takes on Wall Street advisory role at JP Morgan
11 January 2008 / by Joy Tibbs
Former prime minister Tony Blair has agreed to take on an advisory role at Wall Street bank JP Morgan. According to reports, he will earn approximately £2 million over the next year from the part-time position, in addition to earnings related to his memoirs, lectures, other advisory roles and public service allowances.
Mr Blair, who started his career as a barrister before embarking on a political career, will offer the investment bank strategic and political advice and will also take part in various client events. He stepped down from his role as prime minister in June 2007 and, according to The Telegraph, is "well on course to becoming the richest former prime minister in history".
Although he is not paid for his position as Middle East envoy, Mr Blair's income from his combined roles whichis estimated at more than £10million, is likely to far outweigh his outgoings, which are thought to be approximately £600,000, including mortgage payments and office costs. He will be called upon only when needed, and will most likely give advice by telephone. According to reports, he is planning to take on similar roles with other companies from a range of industries.
JP Morgan operates in more than 50 countries worldwide and its assets are said to total approximately $1.5 trillion. According to the company's CEO, Jamie Dimon, said Mr Blair would be "enormously valuable" because of his vast knowledge and relationships. French president Nicolas Sarkozy is also backing Mr Blair to become EU president next year.
© Fair Investment Company Ltd