LONDON, England (CNN) -- Former UK Prime Minister Tony Blair, who left office last June, has taken up a part-job with a Wall Street bank on an estimated $1 million salary.

Blair will work with JP Morgan Chase, a firm with assets of $1.5 trillion and operations in more than 50 countries. He will advise the bank on global political and strategic issues, a company statement said.

"We operate our business all over the world, and Tony Blair will bring our leaders and clients a unique and invaluable global perspective that is especially critical in turbulent times like these," said Jamie Dimon, chairman and CEO of the company, in the statement.

Neither Blair nor the bank would say how much the former PM would be paid. A New York recruitment consultant though told the Financial Times that the job was likely to be worth more than $987,000 (£500,000) a year.

Advisory jobs such as the one Blair has accepted are popular among former world leaders. His predecessor as prime minister, John Major, took a position with the Carlyle Group, a private investment house, as did former U.S. President George H.W. Bush.

Blair left 10 Downing Street in June after a decade as prime minister, and took an appointment as a special envoy for the Middle East Quartet, which includes the United States, the United Nations, Russia and the European Union. The quartet hopes to re-energize the peace process between Israelis and Palestinians.

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