Rishi Sunak, the Conservative former Prime Minister, is taking on an advisory role with the investment banking giant Goldman Sachs, marking a return to his professional roots. Having worked for the firm in the early 2000s, Sunak will now advise Goldman Sachs clients on key economic and geopolitical interests, leveraging his extensive experience from his time in government.
A crucial condition of this appointment is a one-year restriction on Sunak’s ability to lobby the government on behalf of Goldman Sachs. This ensures that his transition from public service to the private sector adheres to strict ethical guidelines. Notably, Sunak has also committed to donating his entire salary from this role to the Richmond Project, a charity he established to promote numeracy.
The Advisory Committee on Business Appointments (Acoba) reviewed and approved the appointment, setting a standard two-year ban on lobbying from his departure from ministerial office in July 2024. While Acoba noted a potential risk due to Sunak’s previous oversight of the “Edinburgh reforms,” which benefited financial institutions, they also highlighted his limited direct involvement in policy development.
David Solomon, the chief executive of Goldman Sachs, expressed his excitement about Sunak’s return. Since concluding his premiership, Sunak has largely maintained a low profile, engaging in academic roles at Oxford and Stanford. His considerable personal wealth, estimated at £640 million with his wife, remains a topic of public discussion, especially in the context of the economic struggles faced by many.