Rishi Sunak returns to Wall Street bank he joined as intern

Former UK Prime Minister Rishi Sunak will join the American banking giant Goldman Sachs in a part-time role. Photo / Carl Court, Getty Images

Rishi Sunak has joined Goldman Sachs as a senior adviser in his first major role outside of politics since losing last year’s election.

The former Prime Minister, who was trounced by Sir Keir Starmer’s Labour, will join the American banking giant in a part-time role that will involve advising Goldman Sachs’ clients and representing the company at events.

Goldman Sachs approached Sunak about taking up the role after last year’s election. The MP for Richmond and Northallerton worked at the bank after leaving Oxford University in the early 2000s, first as a summer intern and then as a low-ranking analyst.

David Solomon, Goldman Sachs chief executive, said he was “excited to welcome Rishi back to Goldman Sachs”.

“In his role, he will work with leaders across the firm to advise our clients globally on a range of important topics, sharing his unique perspectives and insights on the macroeconomic and geopolitical landscape,” he said.

Sunak is likely to earn a significant sum. His pay will be donated to his charity, the Richmond Project. Goldman Sachs was asked to confirm his pay.

The Advisory Committee on Business Appointments (Abcoba), which vets MP jobs outside politics, has approved the move but with conditions.

Under the Acoba restrictions, he is banned from personally lobbying the UK Government until July 2026 and cannot offer any advice that draws on his time as Prime Minister.

“The advice will not be UK-centric but focused on global issues. In doing so, you will attend meetings, conferences, speaker events and roundtables. You will have no contact with the UK Government in this role,” it said.

The committee noted that Sunak said his past career in finance and his previous time at Goldman Sachs meant the job was a “natural fit”.

Sunak’s career moves

Before entering Parliament, Sunak worked as a key lieutenant of Sir Chris Hohn, the hedge fund boss behind The Children’s Investment Fund Management (TCI).

His time at TCI was marked by a number of activist campaigns, where shareholders agitate often aggressively for changes at a company. He reportedly took part in an activist campaign against US railroad company CSX, demanding the company change its board of directors.

The appointment follows speculation that Sunak could quit Britain altogether after losing last year’s election and move to the US to pursue a lucrative career in technology or banking. He and his family already have a home in California, where Sunak studied and met his wife.

Sunak joked about the rumours last November, telling the House of Commons: “I am happy to confirm reports that I will now be spending more time in the greatest place on earth, where the scenery is worthy of a movie set and everyone is a character. That’s right, Mr Speaker, if anyone needs me, I will be in Yorkshire.”

Goldman Sachs is well-known for its close political connections, mainly in the US. Donald Trump hired three former Goldman bankers, Gary Cohn, Steven Mnuchin and Steve Bannon, during his first term. Hank Paulson, a former Goldman chief executive, was the US treasury secretary during the financial crisis.

Sunak joins a long list of former Westminster politicians who have turned to investment banking after stepping back from frontline politics.

Lord Hague, the former Tory leader, was hired by Citigroup in 2017 as a senior adviser, while Lord Mandelson was also a senior adviser to Lazard after Labour lost power in 2010.

Sir Tony Blair went one step further and started doing M&A work on his own, advising on the £73bn mega merger between Glencore and Xstrata in 2012. George Osborne, the former chancellor, is a partner at boutique investment bank Robey Warshaw.