Former UK Prime Minister Rishi Sunak returns to Goldman Sachs, says salary will go to charity
'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.
Mr 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 his 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 UK 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 UK 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 he 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.'
Mr 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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AU Financial Review
4 days ago
- AU Financial Review
Earnings, not valuations, are key hurdle for US equities: Goldman
David Kostin, Goldman Sachs' chief US equity strategist, said he pushed back against clients' concerns – because of rising valuations and narrow breadth – over his upward revisions this week to his S&P 500 targets. In a note, Kostin said clients should refocus. 'Rather than valuations, we view earnings as the main source of uncertainty around our forecast.' He expects the benchmark to reach 6400 over three months, 6600 over six months and 6900 over 12 months. It closed the week at 6259.75.
West Australian
7 days ago
- West Australian
Former UK Prime Minister Rishi Sunak returns to Goldman Sachs, says salary will go to charity
Former UK 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. Mr 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 his 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 UK 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 UK 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 he 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.' Mr 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.'
AU Financial Review
7 days ago
- AU Financial Review
ASX set for muted open amid US trade clouds
Goldman Sachs equity strategist David Kostin has turned bullish on the outlook for the S&P 500. In a note, Kostin said the S&P 500 recently climbed to a new record and further upside would be consistent with the historical playbook following the resumption of Federal Reserve cutting cycles. 'Our new 3- and 12-month returns forecasts are +3 per cent and +11 per cent, indicating S&P 500 levels of 6400 and 6900 (previously 5900 and 6500). Our 6-month return forecast, corresponding with year-end 2025, is +6 per cent to 6600 (previously 6100). Our year-end S&P 500 forecast ranks at the upper end of the distribution of strategist estimates.' Kostin also said earlier and deeper Fed easing and lower Treasury yields than we previously expected, the continued fundamental strength of the largest stocks, and investors' willingness to look through likely near-term earnings weakness support our revised S&P 500 forward price-to-earnings forecast of 22 times (from 20.4 times). 'Our economists' revised Fed forecast calls for three sequential 25 basis point cuts this year, beginning in September, followed by an additional two quarterly cuts in 2026. As a result, our rates strategists expect the nominal 10-year US Treasury yield to end 2025 at 4.2 per cent (vs. 4.5 per cent previously). 'In our macro valuation model, every 50 bp decline in real yields is associated with a roughly 3 per cent increase in S&P 500 forward P/E, all else equal. In addition to the improved outlook for interest rates, the strength of first-quarter earnings results boosted our confidence that the largest stocks will sustain current investor expectations for their long-term growth for at least the next few quarters, helping support valuation for the aggregate S&P 500 index.'
