Tony Blair is joining one of the Wall Street’s best-known banks in what the former prime minister told the Financial Times would be the first of a series of positions he expects to take in the private sector.

Mr Blair, who stepped down as prime minister last year, is to become a part-time adviser to JPMorgan, where he will use his experience and contacts to provide political and strategic advice to the US bank and participate in some client events. Mr Blair’s income from the job has not been disclosed. However, one New York recruitment consultant said it was likely to be more than $1m (£500,000) a year.