Finance

Sajid Javid to leave JPMorgan after taking on health secretary role

The UK’s newly-appointed health secretary Sajid Javid will step down from his post as a senior adviser on JPMorgan’s advisory council for Europe, the Middle East and Africa to take on his new governmental role.

The Conservative MP and former Chancellor of the Exchequer took on the paid position at the US bank in August 2020.

The role, which was said to be ring-fenced from his political role, saw Javid meet periodically with the other members throughout the year to discuss opportunities and challenges facing the bank, as well as the client strategy in the region.

Javid’s appointment on 26 June as health secretary, in the wake of Matt Hancock’s sudden departure from the post, will require him to “give up his outside roles”, according to a person familiar with the matter.

The person said that was something JPMorgan “always knew and were happy with” when they appointed him to the post.

READ  Matt Hancock quits as health secretary amid affair scandal

Javid said in a statement on 27 June that he was “incredibly honoured” to take up his new post as health secretary.

“We have made enormous progress in the battle against this dreadful disease,” he said. “I want our country to get out of this pandemic and that will be my most immediate priority.”

The former investment banker started his career with Chase Manhattan Bank in New York, and worked in the bank’s currencies and emerging markets business. He later went on to work for Deutsche Bank, where he climbed the ranks to sit on the board of directors.

Other members of the council include chair Vittorio Grilli, economist and Italy’s former economy and finances minister from 2012 to 2013, and Svein Aaser, the former chief executive of Norway’s largest financial group, DnB.

Hancock, who was the UK’s secretary of state for health and social care from 2018 , tendered his resignation to prime minister Boris Johnson in a letter on 26 June.

His resignation followed the release of a video showing the former health secretary kissing Gina Colangelo, an old university friend he had employed as his adviser. The video was reported to have been recorded in early May when Hancock was advising the public to continue to social distance and avoid hugging others.

To contact the author of this story with feedback or news, email Lucy McNulty

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