The former chief executive of Standard Chartered is reportedly in talks to become an informal, unpaid government adviser.
Peter Sands, who left the bank in June, will help the government navigate changes in the UK labour market according to the Financial Times.
However Sands won't have a direct role in financial regulation, and a formal appointment is yet to be made.
Sands lost favour with investors after StanChart suffered falling earnings over the last two years, amid an emerging market slowdown and a series of scrapes with regulators.
He's been replaced by Bill Winters, who is a former head of JP Morgan's investment bank, and widely admired across the City.
Winters has since overhauled StanChart's management structure, introducing a new team to streamline the running of the bank, and is due to set out a new strategy by the end of this year.