Tony Blair has become the latest former world leader to offer his experience and contacts to the private sector by joining JPMorgan Chase as a part-time adviser.

Mr Blair, who stepped down as UK prime minister last year, will provide political and strategic advice to the US bank and participate in some client events.

Jamie Dimon, JPMorgan's chief executive, said Mr Blair would be "enormously valuable" to the company. "There are only a handful of people in the world who have the knowledge and relationships that he has."

Mr Blair said that he expected to agree to "a small handful" of similar appointments with other companies in different sectors. "I have always been interested in commerce and the impact of globalisation. Nowadays, the intersection between politics and the economy in different parts of the world, including the emerging markets, is very strong."

Such advisory jobs are popular with former world leaders. Sir John Major, Mr Blair's predecessor, and George Bush, the former US president, both became advisers to Carlyle, the US private equity firm.

Since leaving office, Mr Blair, who is believed to have a large mortgage to pay on a house in London, has joined the international conference circuit. He was paid $500,000 for one speech in China, suggesting he had overtaken Bill Clinton to become the world's most sought-after speaker. He declined to say how much he would be paid by JPMorgan.

Mr Blair, who is serving as an international envoy to the Middle East, is also planning to launch a religious foundation.

In the longer term, he is seen as a possible candidate for president of the European Union, proposed by Nicolas Sarkozy, the French president. "I have learnt not to speculate about those sorts of things," Mr Blair said.