George Osborne will take a job with asset management firm Blackrock, the company is expected to announce later today.
According to Sky News, Mr Osborne, who was sacked as Chancellor by Theresa May in July, will join as a senior adviser, a similar role to that taken by Tony Blair in the asset management of JP Morgan shortly after he left office in 2007.
Mr Osborne’s leading economic adviser Rupert Harrison joined Blackrock last year.
Mr Osborne is expected to work with the company’s Investment Institute, which produces research on global economics for the company’s fund managers.
Larry Fink, the group's chairman and chief executive officer said in a statement that "George's insights will help our clients achieve their goals."
Mr Fink said the company “provides perspectives on European politics and policy, Chinese economic reform, and trends such as low yields and longevity and their impact on retirement planning."
Mr Osborne’s remuneration has not been made public, but is expected to run in to the hundreds of thousands, and the MP for Tatton will have to declare it in the register of members’ interests.
