Sir Andrew Crockett, the former head of the Bank of International Settlements and one of the best-connected financiers in the world, has returned to the private sector as president of JPMorgan Chase International.

The appointment of Crockett is a coup for JPMorgan Chase as it tries to draw a line under the difficult few years since its merger. Since stepping down this year from the BIS, which is often known as "the central banks' central bank", Crockett had been hotly tipped to become governor of the Bank of England and the new chairman of the Financial Services Authority in the UK. He lost out to Meryvn King at the Bank of England and Callum Macarthy at the FSA.