Tony Blair has joined US bank JPMorgan Chase as a senior advisor.
JPMorgan, the third-largest US bank, said Mr 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.
"I look forward to advising them on how they approach the huge political and economic changes that globalisation brings," Mr Blair said in a statement.
While pay details have not been released, it has been speculated that Mr Blair will earn up to $1 million a year in the post.
Mr Blair was replaced last year by Gordon Brown as prime minister amid growing discontent over Britain's policy in Iraq.
The Financial Timesfirst reported the move on its website, saying it would be the first of a series positions Mr Blair expects to take in the private sector.
Mr Blair's predecessor, John Major, joined US private equity firm The Carlyle Group in 1998 after leaving Downing Street.