The former UK prime minister, Rishi Sunak, has joined the Goldman Sachs Group Inc. as a senior adviser, according to the company.
As prime minister between October 2022 and July 2024, Rishi Sunak will collaborate with leaders at New York-based Goldman to counsel clients on a variety of issues, providing his own view of the global macroeconomic and geopolitical outlook, Chief Executive Officer David Solomon said in a statement Tuesday.
Prior to his leadership as prime minister, Rishi Sunak was the chancellor of the exchequer between February 2020 and July 2022, the chief secretary to the Treasury, and the parliamentary under-secretary of state at the Ministry of Housing, Communities and Local Government. His political career has begun in 2015 as a Member of Parliament.
Although he steered the Conservative Party into its first-ever defeat of its majority in the previous year of the general election, Sunak remains an MP in the constituency of Richmond and Northallerton in northern England. In the election campaign he pledged to stay an MP until the end of the next Parliament, whatever the result of the election. His heir, the Labour Party Keir Starmer, is able to trigger the next general election in the middle of 2029.
Sunak was a summer intern investment banking employee of Goldman (in the year 2000) and a Goldman analyst (between the years 2001 and 2004). Later he co-founded an investment firm that operates with companies all over the world.
Although the Conservative Party was humiliated in the 2024 general election, losing more than two-thirds of its seats, Sunak had promised in the campaign that he would stay on as an MP until the entire parliament term, whether he won the election or lost. Labour leader, Prime Minister Keir Starmer does not face a general election fight till the mid-2029s.
Back to Rishi Sunak’s career life
The new appointment of Sunak can be seen as the step back to the financial world. He started his work in Goldman Sachs as a summer intern in 2000, and then worked on the job as an analyst between 2001 and 2004. He left the firm to start an investment company together with other two people that dealt with international businesses.
It is the premier occasion of his assuming a high profile job since he left his office as a prime minister. Besides being at Goldman, Rishi Sunak was an earlier this year appointed academician at Oxford and Stanford Universities. He has however mostly avoided public glare following the electoral debacle of his party.
The role of the parliament remained continueous.
The appointment of Sunak to Goldman is in addition to his continued service at the Parliament, where he is currently in the backbenches. He has also accepted to give any earnings of his new appointment to the Richmond Project, a charity established by him and his wife, Akshata Murty, whose purpose is to revise the numeracy skills in the UK, the Financial Times reported.
Sunak and Murty whose wealth is largely due to her interest in Indian IT company Infosys, which she founded by her father Narayana Murthy, are estimated with a combined net worth of 640 million pounds according to Sunday Times Rich List.
Sunak and his wife, Akshata Murty, a trustee of her alma mater, Claremont McKenna College in Southern California, are the wealthiest individuals to have been in 10 Downing Street. An estimate by the Bloomberg Billionaires Index says Murty is worth over 700 million dollars, largely due to her owning part of Infosys Ltd., software giant that was founded by her father.
Many links between Goldman and government have made the bank to be nicknamed as Government Sachs. Such actors as Mark Carney (Canadian Prime Minister), Mario Draghi (former Prime Minister of Italy) and Henry Paulson (Steve Mnuchin, former Secretary of the US Treasury) on their resumes have the company.
Hiring of Sunak is also the latest purge of hirings of Wall Street firms of ex-politicians mainly in the US, as they seek to advise the clients on geopolitical issues. Citigroup Inc. has employed a former trade representative to president Donald Trump, Robert Lighthizer, and former chief of staff of Trump, Reince Priebus has recently joined investment bank Centerview Partners.
Prior to his service as prime minister, Sunak served as the chancellor of the exchequer between February 2020 and July 2022; and before then, he was chief secretary to the Treasury and parliamentary under-secretary of state at Ministry of Housing, Communities and Local Government. He began his political career as MP in the year 2015.
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