From Downing Street to Wall Street: Sunak Joins Goldman Sachs, Donates Salary

Rishi Sunak, the Conservative former Prime Minister, is set to take on a new advisory role with the investment banking powerhouse Goldman Sachs. This marks a return to his financial sector roots, as he previously worked for the firm. He will be advising Goldman Sachs clients on key economic and geopolitical interests, drawing on his high-level experience.
A critical aspect of this appointment is a one-year restriction on Sunak lobbying the government on behalf of Goldman Sachs, ensuring a clear separation from his former public office. In a commendable philanthropic gesture, he has committed to donating his entire salary from this new position to the Richmond Project, a charity he established to promote numeracy.
The Advisory Committee on Business Appointments (Acoba) 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.