Former UK PM Rishi Sunak is set to join Goldman Sachs. Photo | courtesy.
Former UK Prime Minister Rishi Sunak is set to join Goldman Sachs as a senior adviser, marking his first major role since stepping down as Conservative Party leader following Labour’s landslide general election victory last year.
The appointment signals a return to familiar territory for Sunak, who began his career at Goldman Sachs, working as a summer intern and later as a junior analyst between 2001 and 2004.
“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser,” said Goldman Sachs Chief Executive David Solomon in a statement released on Tuesday.
Sunak will advise the bank’s executives and clients on geopolitical and economic issues and engage with staff across the globe to contribute to the firm’s culture of continuous learning and development, Solomon added.
Sunak, who remains the Member of Parliament for Richmond and Northallerton, has largely stayed out of the spotlight since the Conservative Party’s crushing defeat in July 2024.
The Tories suffered their worst election result in a century, plummeting from 365 seats in 2019 to just 121 after 14 years in power.
Earlier this year, it was announced that Sunak had accepted academic roles at both the University of Oxford and Stanford University.
Despite these new ventures, he has maintained that he will continue to serve in the House of Commons as a backbencher for the remainder of this Parliament.
Sunak has pledged to donate his earnings from Goldman Sachs to the Richmond Project, a charitable initiative he co-founded with his wife to improve numeracy skills across the UK.
After leaving Goldman Sachs in 2004, Sunak worked at the hedge fund TCI, founded by billionaire Chris Hohn, and later at its spin-off, Theleme Partners.
Sunak first sought approval for the Goldman Sachs role in May. However, he was advised by the Advisory Committee on Business Appointments (Acoba) to delay the appointment until July the one-year anniversary of his departure from Downing Street.
In a letter to Sunak, published on Tuesday, Acoba noted the potential risk that he might offer advice overlapping with responsibilities he held while in government.
The watchdog also raised concerns that the appointment could be perceived as offering Goldman Sachs unfair access and influence within the UK government.
As a result, Sunak will be restricted from certain activities for an additional year.
These include lobbying the government on behalf of Goldman Sachs, using Whitehall contacts to influence policy, or advising the bank on bids or contracts involving the UK government.
“Your role with The Goldman Sachs Group, Inc. should be limited to providing advice on strategy, macroeconomic, and geopolitical matters that do not conflict with your time as Prime Minister,” Acoba stated in its decision.
Former UK Prime Minister Rishi Sunak Joins Goldman Sachs as Senior Adviser
Former UK Prime Minister Rishi Sunak is set to join Goldman Sachs as a senior adviser, marking his first major role since stepping down as Conservative Party leader following Labour’s landslide general election victory last year.
The appointment signals a return to familiar territory for Sunak, who began his career at Goldman Sachs, working as a summer intern and later as a junior analyst between 2001 and 2004.
“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser,” said Goldman Sachs Chief Executive David Solomon in a statement released on Tuesday.
Sunak will advise the bank’s executives and clients on geopolitical and economic issues and engage with staff across the globe to contribute to the firm’s culture of continuous learning and development, Solomon added.
Sunak, who remains the Member of Parliament for Richmond and Northallerton, has largely stayed out of the spotlight since the Conservative Party’s crushing defeat in July 2024.
The Tories suffered their worst election result in a century, plummeting from 365 seats in 2019 to just 121 after 14 years in power.
Earlier this year, it was announced that Sunak had accepted academic roles at both the University of Oxford and Stanford University.
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Despite these new ventures, he has maintained that he will continue to serve in the House of Commons as a backbencher for the remainder of this Parliament.
Sunak has pledged to donate his earnings from Goldman Sachs to the Richmond Project, a charitable initiative he co-founded with his wife to improve numeracy skills across the UK.
After leaving Goldman Sachs in 2004, Sunak worked at the hedge fund TCI, founded by billionaire Chris Hohn, and later at its spin-off, Theleme Partners.
Sunak first sought approval for the Goldman Sachs role in May. However, he was advised by the Advisory Committee on Business Appointments (Acoba) to delay the appointment until July the one-year anniversary of his departure from Downing Street.
In a letter to Sunak, published on Tuesday, Acoba noted the potential risk that he might offer advice overlapping with responsibilities he held while in government.
The watchdog also raised concerns that the appointment could be perceived as offering Goldman Sachs unfair access and influence within the UK government.
As a result, Sunak will be restricted from certain activities for an additional year.
These include lobbying the government on behalf of Goldman Sachs, using Whitehall contacts to influence policy, or advising the bank on bids or contracts involving the UK government.
“Your role with The Goldman Sachs Group, Inc. should be limited to providing advice on strategy, macroeconomic, and geopolitical matters that do not conflict with your time as Prime Minister,” Acoba stated in its decision.
