Former UK Prime Minister Rishi Sunak returns to Goldman Sachs

• Former U.K. Prime Minister Rishi Sunak is set to rejoin Goldman Sachs as a senior adviser.
• Sunak is still a member of parliament in the U.K. despite stepping down as Conservative Party leader following its 2024 election loss.
• Sunak's pay from Goldman Sachs is set to be donated to his charity, The Richmond Project.

Former U.K. Prime Minister Rishi Sunak is set to rejoin Goldman Sachs as a senior adviser, the bank announced Tuesday, a year after his Conservative Party suffered a major election loss.

“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a Senior Advisor,” David Solomon, chairman and CEO of Goldman Sachs, said in a statement.

“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 added.

Sunak's pay from Goldman Sachs is set to be donated to his charity, The Richmond Project, which aims to boost numeracy skills.

It will not be Sunak's first stint at the bank, where he interned and then worked as an analyst in the early 2000s. The former PM then worked elsewhere in the financial sector before becoming a member of parliament in 2015.

Prior to becoming U.K. Prime Minister, Sunak held various senior political positions, including as the country's finance minister, or chancellor.

Today, Sunak is still a member of parliament in the U.K. despite stepping down as Conservative Party leader after its 2024 election loss. The result was seen as devastating for the Conservatives, with their number of seats shrinking sharply after 14 years in power.

Documents show that Sunak initially asked for approval to join Goldman Sachs in May, but the governmental appointments watchdog Acoba said he must wait a year from his last day in a ministerial role to assume the position with the bank.

The watchdog pointed out that there were various risks associated with the role, including that he could advise on topics that had “overlap” with his governmental responsibilities and that his “appointment could be seen to offer unfair access and influence within the UK government.”

Sunak's scope in his new role is therefore restricted for another year, with Acoba limiting it to “providing advice on strategy, macroeconomic and geopolitical matters that do not conflict with your time as Prime Minister.”