Stay informed with free updates
Simply sign up to the Financials myFT Digest — delivered directly to your inbox.
Former UK prime minister Rishi Sunak is set to join Goldman Sachs as a senior adviser, in his first major role since he resigned as Conservative party leader last year following Labour’s landslide general election victory.
The job marks a return to the Wall Street investment bank for Sunak, who spent the early years of his career there from 2001 to 2004, first as a summer intern then a junior analyst.
“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser,” the bank’s chief executive David Solomon said in a statement on Tuesday. Sunak will work with Goldman executives to advise clients on geopolitical and economic issues.
“He will also spend time with our people around the world, contributing to our culture of ongoing learning and development,” Solomon added.
Sunak, who is the MP for Richmond and Northallerton, has largely stayed out of the limelight since the Conservative party’s bruising defeat last summer. The Tories endured their worst election result in a century, after 14 years in power, crashing from 365 seats in 2019 to just 121 in July 2024.
Earlier this year, it was announced that Sunak had taken up posts at the University of Oxford and Stanford University.
However, he has insisted that he will continue to serve on the backbenches for the rest of this parliament rather than quitting the House of Commons.
Sunak and his wife, Akshata Murty, have a combined estimated wealth of £640mn, according to the Sunday Times’s rich list, most of which comprises her stake in the family business, Infosys. Sunak’s pay from Goldman will be donated to the Richmond Project, a charity launched by him and his wife to improve numeracy skills in the UK.
Sunak worked at Goldman as a summer intern in 2000 while still at Oxford university and later joined the investment bank as a junior analyst after his graduation from 2001 to 2004.
After leaving the bank, Sunak worked at TCI, the activist hedge fund founded by billionaire Chris Hohn, and its spin off Theleme Partners.
Sunak first sought approval for the job in May but was told to wait until July — the first anniversary of his leaving Downing Street — by Acoba, the government’s appointments watchdog.
In a letter to Sunak, published on Tuesday, Acoba said there was a risk that Sunak would advise Goldman on matters that “overlap” with the responsibilities he had held in government and that the appointment “could be seen to offer unfair access and influence within the UK government”.
As a result he will be restricted from some activities for another year, including lobbying the government on behalf of Goldman, using Whitehall contacts to influence policy, or advising the bank in relation to bids or contracts with the government.
“Your role with The Goldman Sachs Group, Inc, should be limited to providing advice on strategy, macroeconomic and geopolitical matters that do not conflict with your time as Prime Minister,” it said in its decision.
