Former U.K. Prime Minister Rishi Sunak is returning to Goldman Sachs as a senior adviser, the bank announced Tuesday. This move comes a year after the Conservative Party’s significant defeat in the 2024 general election.
Goldman Sachs Welcomes Sunak Back
David Solomon, chairman and CEO of Goldman Sachs, expressed enthusiasm about Sunak’s return: “I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a Senior Advisor. In this role, he will work with leaders across the firm to advise our clients globally on important topics, sharing his unique perspectives on the macroeconomic and geopolitical landscape.”
Sunak has pledged to donate his earnings from Goldman Sachs to The Richmond Project, a charity focused on improving numeracy skills.
This isn’t Sunak’s first time at Goldman Sachs. He interned and later worked as an analyst there in the early 2000s before transitioning to the financial sector and eventually entering politics in 2015. Prior to serving as Prime Minister, Sunak held key positions including Chancellor of the Exchequer.
Restrictions on Sunak’s Role
Although Sunak remains a member of parliament after stepping down as Conservative leader, his new advisory role at Goldman Sachs comes with restrictions. The Advisory Committee on Business Appointments (Acoba) ruled that Sunak must wait a year from his last ministerial day before fully assuming the position. To avoid conflicts of interest, he is limited to advising on strategy, macroeconomic, and geopolitical matters that do not overlap with his time as Prime Minister.
Acoba noted potential risks, including concerns about unfair access or influence within the government due to Sunak’s former position.
What The Author Thinks
The revolving door between politics and finance raises important questions about influence and transparency. While Sunak’s expertise can offer valuable insights, strict safeguards are essential to ensure that such appointments do not undermine public trust or create conflicts of interest.
Featured image credit: Number 10 via Flickr
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