David Cameron takes job on the advisory board of American electronic payment firm
- Cameron will be working two or three days a month for First Data Corporation
- First Data described former Prime Minister as a ‘prominent global influencer’
- Role is Cameron’s first since leaving office, stepping down as an MP last year
David Cameron has taken a job on the board of an American electronic payment company.
Mr Cameron will be working two or three days a month in an advisory role for First Data Corporation.
It will be his first job since leaving office, resigning as MP for Witney in September last year.
David Cameron has taken a job on the board of an American electronic payment company
First Data handles credit and debit card transactions across the world and made revenues of $11.6bn last year, reports the Guardian.
The firm described former Prime Minister as one of the ‘most prominent global influencers of the early 21st century’, in a press release today.
Mr Cameron has played up the role as his chance to build commercial links between Britain and the US.
He said: ‘I am incredibly proud that during my time as prime minister the United Kingdom became a global force in fin-tech [financial technology].
I remain passionate about the opportunities that exist for British and international companies that are developing exciting technologies both for businesses and consumers – technologies that have the potential to revolutionise the way we all live our lives.’
Mr Cameron’s appointment coincides with a time of deep uncertainty in financial markets over the outcome of Britain’s decision to leave the European Union.
Mr Cameron’s new role with First Data will be his first job since leaving office (pictured, outside Downing Street in 2013)
Who are First Data Corporation?
First Data handles credit and debit transactions across the world.
Last year it processed more than 79 billion electronic transactions, worth a total of $2.2 trillion.
The US-based firm, which employs 24,000 people, made revenues of $11.6billion last year.
First Data also worked with Apple to introduced Apple Pay to the UK, in 2015.
Apple Pay works by holding an iPhone or Apple Watch up to a card reader, which sends a signal confirming the user’s identity and details.
The firm was taken over by equity giant KKR in 2007 in a deal worth about $29 billion, the second largest of all time.
KKR was co-founded by Henry Kravis, who it is believed was the inspiration for Wall Street character, Gordon Gekko.
Since leaving office soon after the June 2016 Brexit vote, he has held a number of unpaid, voluntary posts, including presidency of the charity Alzheimer’s UK.
More lucrative work has come through speaking engagements at a bureau that also represents former prime minister Tony Blair.
In taking on this commercial role, Cameron follows in the footsteps of many high-profile political figures.
Former prime minister Gordon Brown joined the investment manager PIMCO after he left office, whilst his predecessor Tony Blair opted for JP Morgan.
Since quitting politics in June, former Chancellor George Osborne has taken up seven jobs
George Osborne the job juggler
Since quitting politics in June, former Chancellor George Osborne has taken up seven different jobs.
- Editor, Evening Standard
- Adviser, investment management firm BlackRock
- Chairman, Northern Powerhouse Partnership
- Fellow, think tank McCain Institute
- Honorary economics professor, University of Manchester
- After dinner speaker, Washington Speakers Bureau
- Distinguished visiting fellow, Stanford University’s Hoover Institution
However, something of a record is held by former finance minister and key Cameron ally George Osborne, whose new job as editor of the Evening Standard newspaper brought his total number of jobs, held simultaneously, to seven.
The list included a highly paid part-time posting at asset manager BlackRock.
First Data has declined to comment on whether Cameron’s advisory role would be paid.
But it is believed he signed a book deal worth £800,000 for his memoirs, which will be published next year.