The former Conservative Prime Minister, Rishi Sunak, has announced his latest venture: an advisory position at the global investment bank Goldman Sachs. This marks a significant return to the financial sector for Sunak, who previously worked for the firm. He will be providing his expert insights on economic and geopolitical trends to Goldman Sachs’ clients.
To ensure ethical conduct and prevent immediate influence peddling, Sunak will be prohibited from lobbying the government for Goldman Sachs for a full year. In a commendable philanthropic endeavor, he has pledged to donate his entire salary from this advisory role to the Richmond Project, a charity he founded aimed at improving numeracy skills across the population.
The Advisory Committee on Business Appointments (Acoba) meticulously reviewed and approved the appointment, setting standard conditions, including a two-year ban on lobbying from his departure from ministerial office in July 2024. While Acoba identified a potential risk related to Sunak’s previous oversight of the “Edinburgh reforms,” which benefited banks, they emphasized his limited personal involvement in policy development.
Goldman Sachs CEO, David Solomon, expressed his enthusiasm about Sunak rejoining the bank. Since leaving Downing Street, Sunak has largely maintained a quiet public presence, pursuing academic roles at Oxford and Stanford. His considerable personal fortune, estimated at £640 million with his wife Akshata Murty, continues to draw public attention, particularly given the cost of living crisis experienced by many Britons.