Former British Prime Minister Rishi Sunak is poised to return to Goldman Sachs as a senior adviser, a move officially announced by the bank on Tuesday, marking a year since his Conservative Party faced a significant electoral defeat.
“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a Senior Advisor,” stated David Solomon, chairman and CEO of Goldman Sachs, in a statement.
Notably, Sunak’s earnings from Goldman Sachs are planned to be allocated to his charity, The Richmond Project, which focuses on enhancing numeracy skills in the community.
This will not be Sunak’s first experience at Goldman Sachs, having previously interned and worked as an analyst there in the early 2000s. After leaving the bank, he pursued various opportunities in the financial sector before becoming a Member of Parliament in 2015.
Before assuming the role of Prime Minister, Sunak occupied numerous senior political positions, including that of Chancellor of the Exchequer.
Despite stepping down as the leader of the Conservative Party following the party’s electoral setback in 2024, Sunak still serves as a Member of Parliament. The Conservatives’ defeat was significant, resulting in a sharp reduction in their number of seats after 14 years in governance.
Records reveal that Sunak sought approval to rejoin Goldman Sachs as far back as May, but the governmental appointments watchdog, Acoba, stipulated that he must wait for a year following his last ministerial role before taking up the position with the bank.
The watchdog also highlighted potential risks associated with Sunak’s new role, noting that he might advise on subjects that overlap with his former governmental duties, and that his appointment could be perceived as providing undue access and influence within the UK government.
Consequently, the scope of Sunak’s role will be restricted for the next year, with Acoba limiting his advisory functions to “providing advice on strategy, macroeconomic, and geopolitical matters that do not conflict with your time as Prime Minister.”
