Goldman Sachs appoints Former UK PM Rishi Sunak as a Senior Advisor

New Delhi (India) July 9: After leaving his position as leader of the Conservative party last year, former UK Prime Minister Rishi Sunak is expected to take his first significant position as a senior adviser at Goldman Sachs.

Sunak's Previous Work

After about 21 years, Sunak is going back to work for the Wall Street investment bank. He worked for the company from 2000 to 2004. He initially worked as a summer intern and then as a junior analyst during the first few years of his career.

David Solomon, the CEO of the bank, stated that the former prime minister will work with Goldman executives to provide clients with economic and geopolitical advice.

According to Solomon, Sunak will also interact with people from all around the world. He will support the company's culture of continuous learning and improvement.

Soloman said, “I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser.”

He added, “He 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.”

Sunak interned at Goldman Sachs in 2000 when he was a student at Oxford University. After graduating, he joined the company as a junior analyst.

Sunak's pay from Goldman will go to the Richmond Project. It is a charity he and his wife started to improve numeracy skills in the UK.

A senior consultant at Goldman Sachs typically makes between $1,36,000 and $2,20,000 per year. On average, it brings in about $1,70,000, or Rs 1.7 crore annually. However, the salary of well-known figure Rishi Sunak is not revealed. 

ACOBA Statement

The Advisory Committee on Business Appointments (Acoba) is the committee which approves positions accepted by former ministers for two years after they leave office. According to Acoba, Sunak's new position carried a number of dangers which included the possibility that Goldman Sachs might have unfair access to information because of his tenure as prime minister.

The committee said that Sunak will not be permitted to advise clients with whom he had direct dealings during his tenure as prime minister, nor will he be permitted to advise other governments or their sovereign wealth funds on behalf of the bank.

According to reports earlier this year, Sunak has accepted positions at Stanford University and the esteemed University of Oxford.

Political Journey

Sunak has served as prime minister of the United Kingdom from October 2022 to July 2024. He has mostly been out of the spotlight after the Conservative Party's shocking loss in the 2024 UK general election. The party lost over two-thirds of its seats. The party had its worst performance in a century, dropping from 365 seats in 2019 to just 121. Sunak quit his position as party leader and prime minister soon after the election.

Sunak has shifted to the backbenches and indicated a more quiet political position for the remainder of this term. He is still serving as the Member of Parliament for Richmond and Northallerton.

Aadrika Tayal