The former Conservative Prime Minister, Rishi Sunak, is making a return to the world of finance with a new advisory role at the global investment bank Goldman Sachs. This appointment is significant as it brings Sunak back to a company where he began his career in the early 2000s. He will be providing counsel to Goldman Sachs clients on a range of economic and geopolitical issues.
To ensure ethical guidelines are met, Sunak will be restricted from lobbying the government for Goldman Sachs for a full year. In a notable move, he has pledged to donate his entire salary from this advisory position to the Richmond Project, a charity he established focused on improving numeracy, demonstrating a commitment to public good.
The Advisory Committee on Business Appointments (Acoba) meticulously reviewed the appointment, setting standard conditions, including a two-year ban on lobbying from his departure from ministerial office in July 2024. While Acoba did identify a potential risk related to Sunak’s previous oversight of the “Edinburgh reforms,” which benefited financial institutions, they acknowledged his limited direct involvement in policy development.
David Solomon, the chief executive of Goldman Sachs, expressed his excitement about Sunak rejoining the bank. Since concluding his premiership, Sunak has maintained a relatively low public profile, pursuing academic engagements at Oxford and Stanford. His considerable personal fortune, estimated at £640 million with his wife Akshata Murty, continues to draw public attention, especially in light of the ongoing cost of living crisis.