Former Prime Minister Rishi Sunak has announced his new role as a senior advisor to the investment banking giant Goldman Sachs. This appointment marks a significant return to the financial sector for Sunak, who previously worked for the firm. He will be offering his insights on economic and geopolitical trends to Goldman Sachs clients.
Crucially, Sunak will not be lobbying the government on behalf of Goldman Sachs for a year, adhering to post-ministerial employment guidelines. In a commendable move, he plans to donate his entire salary from this advisory role to the Richmond Project, a charity he founded aimed at promoting numeracy among the public. This decision addresses potential conflict-of-interest concerns and highlights his commitment to philanthropic endeavors.
The appointment has been reviewed by the Advisory Committee on Business Appointments (Acoba), which set standard conditions, including a two-year lobbying ban from when Sunak left ministerial office in July 2024. Acoba acknowledged potential risks due to Sunak’s previous oversight of the “Edinburgh reforms,” which benefited banks like Goldman Sachs, but noted his limited personal involvement in policy development.
David Solomon, CEO of Goldman Sachs, expressed enthusiasm about Sunak’s return, stating, “I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser.” Sunak has maintained a relatively low profile since his premiership, taking on roles at Oxford and Stanford, and this new position further diversifies his post-political career. His considerable personal wealth, estimated at £640 million with his wife, has also drawn public attention.