BP chief is 'finished in the city'

He will never again serve on the board of a public company, according to high-level sources.

Nor will the man once known as the Sun King of the oil industry be able to take up the type of sought-after appointment he might have expected after a glittering career.

Scroll down for more ...

The scandal over his lies and alleged misuse of company funds and staff - and the possibility that he will face criminal charges for perjury - mean he is unlikely to be offered the Mastership of an Oxbridge college or a government consultancy role.

Instead, it is thought that he will 'do a Profumo' by undertaking menial work for charities.

Read Lord Browne's statement in full here

Read the Mail on Sunday's full response to Lord Browne's statement here

Lord Browne, 59, fought through the courts to prevent his former lover, 27-year-old Jeff Chevalier, telling how he was allowed to use BP computers and technical and secretarial staff to run a phone ring tone business - allegations which the peer denies.

He quit on Tuesday after a judge overturned an injunction which had prevented newspapers printing Chevalier's claims.

Lord Browne's humbling has been swift.

His early departure from BP cost him £15.5million in lost bonuses and shares.

And a senior City source said his other, highly-lucrative jobs outside BP will be discreetly terminated.

Cigar-smoking Lord Browne, who earned £5million a year as BP's chief executive, was paid another £300,000 in shares for his work on the board of international bankers Goldman Sachs in 2006.

Yesterday, Goldman Sachs, which prides itself on its spotless reputation, refused to comment on his future but it is understood that the peer will quietly stand down in the next few weeks.

His other 'non-executive' job - as chairman of the advisory board for the private-equity firm Apax - is also under discussion. A spokesman for Apax said yesterdenceday: 'John Browne is a man of enormous talents. We look forward to continuing to work with him.'

However, insiders predict that Lord Browne will be 'ushered out' once the scandal dies down.

'John Browne is being cut off at the knees and will never serve on the board of a public company again,' the source said.

The multi-millionaire was yesterday waiting to see whether the Attorney General will take action against him for perjury or perverting the course of justice.

The Mail on Sunday, sister paper of the Daily Mail, has announced it will make its evion the case available to the authorities. A spokesman for the Attorney General said yesterday: 'When we receive something, it will be considered.'

But he is already planning to do penance - and restore his tattered reputation - by undertaking menial work for charities. A former colleague said: 'He is going to do a Profumo'.

There are a number of parallels between John Profumo, the cabinet minister who resigned from the Conservative government in 1963, and Lord Browne.

Both men had wealth and glittering careers. And both were brought down by a lie - Lord Browne claimed he had met Chevalier while jogging in Battersea Park rather than on the sleazy gay escort website, Suited and Booted.

He also tried to discredit his former lover's evidence by saying he was 'unstable and a liar' with a drink and drug problem.

Both statements were untrue and earned him excoriating criticism from Mr Justice Eady.

He had, the judge said, lied 'deliberately and casually' and used his 'reputation and distinction' and honours received from the government to persuade the court to believe his account. Profumo, the Secretary of State for War, lied to Parliament about his sexual liaison with call girl Christine Keeler, who was also having an affair with a Russian spy.

The disgraced politician stood down from office and devoted himself to a life of charitable works, starting by washing dishes at Toynbee Hall in the East End of London. His penance eventually earned him a CBE and the admiration of the Establishment.

It is not yet known which charity Lord Browne will choose but he has close connections with a number of academic and cultural organisations.

He is president of the Royal Academy of Engineering and the British Association for the Advancement of Science, emeritus chairman of the advisory board of Stanford Graduate School in California and chairman of the international advisory board at Tsinghua University in Beijing.

Lord Browne's love of the arts is reflected in his trusteeships of the Cambridge Foundation and the Chicago Symphony Orchestra and the vice presidency of the Prince of Wales Business Leaders' Forum.

The crossbench peer will keep his seat in the House of Lords.

Lord Browne was in his office at BP headquarters yesterday, 'tying up loose ends'. A friend said: 'He has been in the office today sorting out a few things. He is very sad but he felt he had to resign. He felt it was the right thing to do in the circumstances.'

A colleague said: 'John feels he has a lot of experience to offer the charitable sector and he wants to do something worthwhile. He will keep his head down for a bit and then make contact with some charities. He is ready to get his hands dirty.'