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The previous high-profile Labour politician Chuka Umunna has been employed by the US financial institution JP Morgan to steer its European environmental, social and governance (ESG) work.
The 42-year-old, who was an employment lawyer earlier than turning into a Labour MP in 2010, follows within the footsteps of different former UK lawmakers who’ve entered high finance jobs after leaving politics.
His appointment within the newly created function was introduced throughout the financial institution by a memo and was first reported by the Monetary Occasions.
The son of a Nigerian businessman and a white, half-Irish mom, in his new function Umunna turns into one among Britain’s most senior black bankers.
Umunna strikes to JP Morgan from the communications firm Edelman, which he joined final July to turn into head of its ESG consultancy crew.
He was the MP for Streatham in south London for 9 years till 2019. Though Umunna was by no means in authorities, throughout his political profession he rose to turn into a widely known determine within the shadow cupboard and served because the shadow enterprise secretary.
Umunna briefly entered the race to turn into Labour chief in 2015 however withdrew from the leadership contest, citing the affect the elevated stage of consideration would have on him and his household.
He left the Labour get together, then led by Jeremy Corbyn, together with a gaggle of different breakaway MPs to join the short-lived Change UK party in 2019.
Umunna’s political profession got here to an finish after he joined the Liberal Democrats, vacated his south London seat and unsuccessfully contested the Cities of London and Westminster constituency within the 2019 basic election.
A number of different former senior British politicians have entered high finance roles after leaving frontbench politics.
The previous Conservative chancellor Sajid Javid was hired as a senior adviser to JP Morgan in 2020, in a return to his earlier profession in banking, though he stays an MP. The previous Labour prime minister Tony Blair was hired as a global adviser on the Wall Road financial institution in 2008.
George Osborne, Conservative chancellor from 2010 to 2016 and identified for having a portfolio of jobs since leaving workplace, took up a full-time role earlier this month as a companion on the London-based boutique funding financial institution Robey Warshaw.
Osborne has given up practically all of his different jobs, together with editor-in-chief of the Night Customary newspaper and adviser to the investment firm BlackRock, to turn into a full-time banker.
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