Rishi Sunak Takes on New Role at Goldman Sachs

Following his tenure as Prime Minister, Rishi Sunak has embarked on a new professional chapter, accepting a position as a senior advisor at the prominent financial institution, Goldman Sachs. This move marks a significant transition for the former Conservative leader, who served as the UK’s Prime Minister from October 2022 to July 2024.

Goldman Sachs announced that Sunak will serve in a part-time capacity, leveraging his extensive experience and unique perspectives on global politics and economic affairs to advise the bank’s diverse clientele. The firm expressed enthusiasm for his return, highlighting his prior experience at the bank in the early 2000s as an analyst before his dedicated career in public service.

David Solomon, Chairman and Chief Executive of Goldman Sachs, welcomed Sunak back, stating, “We are excited to welcome Rishi back to Goldman Sachs. He will spend time with our people around the world, contributing to our culture of ongoing learning and development, in addition to advising clients.”

Sunak, who continues to serve as the Conservative Member of Parliament for Richmond and Northallerton in Yorkshire, has committed his salary from this new role to The Richmond Project. This charitable initiative, co-founded with his wife Akshata Murty, aims to enhance numeracy skills across the United Kingdom.

Regulatory Oversight and Future Conduct

The Advisory Committee on Business Appointments (Acoba) has reviewed and approved Sunak’s new role. Acoba noted potential risks concerning unfair access to information due to his previous high-ranking government position. Consequently, Sunak is subject to specific conditions to mitigate these risks. He is prohibited from advising governments or their sovereign wealth funds on behalf of Goldman Sachs. Furthermore, he cannot engage with clients he had direct dealings with during his premiership. Lobbying the UK government for the bank is also expressly forbidden.

Acoba’s decision underscores the importance of maintaining public trust and preventing undue influence, even as former officials transition into the private sector. Sunak’s background includes 14 years in financial services prior to entering Parliament, culminating in his service as Chancellor under Boris Johnson during the challenging period of the Covid-19 pandemic. His public profile significantly rose during this time due to announcements of key economic support schemes like furlough.

Sunak’s political career saw him become an MP in 2015. His resignation as Chancellor in July 2022 played a pivotal role in the eventual downfall of the Johnson administration. Following a brief tenure by Liz Truss, Sunak assumed the premiership, ultimately leading the Conservative party in the July 2024 general election, which resulted in the party’s most significant electoral defeat in history.

This role at Goldman Sachs is the latest in a series of engagements Sunak has undertaken since leaving Downing Street. He has also joined the Blavatnik School of Government at the University of Oxford and the Hoover Institution at Stanford University, although these positions are unpaid. Additionally, Sunak has earned over £500,000 since April from speaking engagements, a common path for former prime ministers seeking to share their insights and experiences with corporations and at public events.