UK - Former Labour prime minister Tony Blair, who left his office in June, has been appointed as senior adviser to US investment bank JPMorgan Chase, the company has confirmed.

The company said in a statement yesterday Blair will provide its chief executive, Jamie Dimon, and other members of the senior management team on a part-time basis "with strategic advice and insight on global political issues and emerging trends".

Blair will participate in select events and conferences for JPMorgan, the third larges US investment bank and one of Wall Street's best known banks, including senior-level client events, while providing briefings on political trends to the firm's board of directors.

He will also join JPMorgan's International Council, comprised of 28 members from 19 nations, meeting annually in a leading world city to gain perspectives on economic, political and social trends in key regions and countries of the world.

The Council members provide advice to the senior management of JPMorgan Chase on these and other issues affecting its clients and business.

Tony Blair said in a statement yesterday: "It is a great opportunity to be able to contribute to the work of JPMorgan Chase. They are a leading company at the cutting edge of the global economy, with a footprint in virtually every part of the world."

He added: "I look forward to advising them on how they approach the huge political and economic changes that globalisation brings. I am excited at the prospect of joining Jamie Dimon, for whom I have a lot of respect, and the whole team, adding my own experience to their work and helping them to grow."

Blair was quoted in media reports yesterday as saying this is the first of a series of positions he expects to take in the private sector.

That said, he has been criticised over the move, and media reports claim one New York recruitment consultant has estimated the salary for this position is likely to be more than $1m (£500,000) a year.