Rishi Sunak, the Conservative former Prime Minister, is taking on an advisory role with the prestigious investment bank Goldman Sachs, a firm where he began his career. This move signifies a significant return to the financial sector for Sunak, who will be advising Goldman Sachs clients on crucial economic and geopolitical matters, drawing on his experience at the highest echelons of government.
To prevent any immediate conflict of interest, Sunak will be restricted from lobbying the government on behalf of Goldman Sachs for a period of one year. In a commendable act of philanthropy, he has committed to donating his entire salary from this new position to the Richmond Project, a charity he established to champion numeracy skills.
The Advisory Committee on Business Appointments (Acoba) meticulously 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, particularly in the context of the economic struggles faced by many.