Goldman Sachs appoints former UK prime minister Rishi Sunak as senior adviser
Goldman Sachs has appointed Rishi Sunak, the former prime minister of the United Kingdom, as a senior adviser, marking his first major corporate role since leaving office in 2024.
Sunak returns to Goldman Sachs two decades after starting his career at the Wall Street bank as a summer intern in 2000 and then serving as a junior analyst from 2001 to 2004.
In his new role, Sunak will work closely with Goldman's leadership team, advising clients on global macroeconomic trends and the evolving geopolitical landscape.
'I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a senior adviser,' said David Solomon, chief executive of Goldman Sachs, in a statement. 'He will spend time with our people around the world, contributing to our culture of ongoing learning and development.'
Sunak led the Conservative Party and served as prime minister from October 2022 until July 2024, when the party suffered a landslide electoral defeat. He was succeeded as party leader by Kemi Badenoch in November 2024 but remains a member of Parliament for Richmond and Northallerton.
Since stepping back from frontline politics, Sunak has taken up academic roles at his alma maters, Oxford University and Stanford University, and now adds the senior adviser role at Goldman to his portfolio.
Before entering politics in 2015, Sunak worked at TCI, a hedge fund run by Chris Hohn, where he became a partner in 2006 and later helped spin off Theleme Partners in 2009.
According to The Sunday Times Rich List 2025 , Sunak and his wife, Akshata Murty, have a combined estimated net worth of £640 million, much of it from Murty's stake in Infosys, the Indian IT giant co-founded by her father.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
17 bargain dividend stocks that are primed for growth — consider this before you buy
When selecting individual stocks, some investors prefer companies that pay quarterly dividends and have a steady record of increasing payouts over the long term. But a high dividend yield could also signal a potential trap. A company's share price might be low relative to its dividend because money managers expect a cut to the payout or see other potential problems for a company. In a recent article, John Buckingham, editor of the Prudent Speculator investing newsletter, suggested that investors who have been worried about this year's volatility in the stock market and the market's high valuation as a whole 'add some classic defensive plays favored by conservative investors to your portfolio — dividend-paying stocks.' The italics are his, and you can read the article here. Goldman Sachs lifts its S&P 500 forecasts. Strategists say these three investment moves are crucial. I'm 85 with 2 kids and $4 million. My daughter wants a larger share of my estate than my son to compensate for unequal treatment by her father. 'I'm single': At 70, I have $500,000 in stocks and $220,000 in savings. How do I invest my $130,000 windfall? I'm saving 100% on Amazon Prime Day — and you can too 'Today is my 61st birthday': I have my ex-spouse's Social Security benefits. Should I retire at 65 and travel? The Prudent Speculator has taken a value-based approach to selecting stocks since the late 1970s. It has a second-place ranking for 30-year average return for investing newsletters tracked by the Hulbert Financial Digest. In his article, Buckingham suggested that an investor selecting dividend stocks be 'a greedy contrarian.' The Prudent Speculator runs deep stock screens using various quality factors, but we are going to screen them using a more limited approach here. Since Buckingham suggested that investors consider small-cap stocks as well as shares of larger and better-known companies, we began our screen with the S&P Composite 1500 Index XX:SP1500, which is made up of the S&P 500 SPX, the S&P MidCap 400 Index MID and the S&P Small Cap 600 Index SML. When discussing the type of dividend stock he favors, Buckingham wrote: 'These companies should pay a dividend yield substantially higher than that of the S&P 500 (recently just shy of 1.3%).' He added that the stocks should be 'out of favor and cheap.' By this he meant stocks trading 'at low valuations relative to companies' own long-term histories and/or at a discount to their future growth estimates.' To encompass those ideas, we started with the S&P Composite 1500 and narrowed the list as follows: Related: JPMorgan Chase, Goldman Sachs and others boost dividends — check out how they've rewarded their committed shareholders Here are the 17 stocks that passed the screen, sorted by current dividend yield: Company Ticker Dividend yield Forward P/E Est. revenue CAGR from 2025 through 2027 Five-year dividend CAGR Upbound Group Inc. UPBD 5.92% 5.6 8.0% 6.1% Columbia Banking System Inc. COLB 5.64% 9.0 18.6% 5.2% Murphy Oil Corp. MUR 5.31% 11.5 7.3% 21.1% PepsiCo Inc. PEP 4.20% 16.7 3.0% 6.8% Atlantic Union Bankshares Corp. AUB 4.05% 9.7 8.9% 6.3% Essential Utilities Inc. WTRG 3.54% 17.0 6.4% 6.8% Coterra Energy Inc. CTRA 3.41% 8.2 6.2% 16.5% Bank OZK OZK 3.33% 8.1 5.4% 9.3% EOG Resources Inc. EOG 3.31% 11.8 8.0% 22.2% Brown-Forman Corp. Class B BF.B 3.20% 16.9 1.9% 5.4% Archrock Inc. AROC 3.08% 14.4 7.4% 5.6% Ovintiv Inc OVV 3.01% 8.3 5.0% 26.2% UnitedHealth Group Inc. UNH 2.87% 13.0 6.2% 12.1% Lamb Weston Holdings Inc. LW 2.82% 15.1 2.5% 10.0% Banc of California Inc. BANC 2.71% 10.5 8.8% 10.8% Constellation Brands Inc. Class A STZ 2.37% 13.2 1.1% 6.3% Occidental Petroleum Corp. OXY 2.19% 15.3 4.0% 88.8% Source: FactSet This screen is an attempt to bring in several of Buckingham's suggestions, including relatively low P/E valuations and prospects for business expansion. It also covers companies' dividend increases. But a screen might be most useful as a tool to incorporate into your own research. If you see any companies of interest, you should learn more about them to form your own opinions about their prospects for remaining competitive over the next decade at least. One way to begin that process is to click on the tickers for more information about each company. Read: Tomi Kilgore's detailed guide to the information available on the MarketWatch quote page Don't miss: 20 companies in the S&P 500 whose investors have gained the greatest rewards from stock buybacks 'She's in a shaky marriage that could soon end': Will my daughter's husband get my IRA when I die? 'I do all the yard work, cooking and cleaning': I live with my daughter and her lazy boyfriend. She wants me to buy her house. Do I say yes? Treasury rout grows as tariffs and supply test demand after tax and spending bill My wife and I are in our late 60s. Do I sell stocks to pay our $30,000 credit-card debt — or do it gradually over 3 years? I put my $500K inheritance into a joint account with my husband. Can I leave half of it to my son from a previous marriage? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
2 hours ago
- Miami Herald
Bank of America delivers bold S&P 500 target
The S&P 500 is widely considered the benchmark index most investors use to measure performance for good reason. It includes 500 of the largest companies in America, crisscrossing sectors and industries. The index reflects the strength or weakness of the U.S. economy. Its pops and drops are a leading indicator market participants use to make buy-and-sell decisions. Earlier this year, the S&P 500's massive sell-off made investors anxious. Cracks in the jobs market and worry over sticky inflation amid President Trump's higher-than-expected tariffs have caused many to worry about stagflation or an outright recession. Related: Goldman Sachs revamps Fed interest rate cut forecast for 2025 It's been a different story since April. After tumbling 19% from its mid-February high, the S&P 500 has skyrocketed since April 9, when Trump paused most reciprocal tariffs announced on April 2, so-called "Liberation Day." The S&P 500 has now rallied over 25% from its early April low, a remarkable performance given the index's average annual return since 1957 is around 10%. The robust gains have investors wondering whether stocks have run too far, too fast. This is especially true given the White House's recent return to tough talk on tariffs and the looming end to the tariff pause approaching on August 1. The dynamic has caught the attention of Wall Street, and Bank of America recently updated its S&P 500 target. Image source: Michael M. Santiago/Getty Images It's not easy being Jerome Powell nowadays. The Fed Chairman is tasked with upholding the Fed's dual mandate of low inflation and unemployment, two goals often at odds with one another. Balancing unemployment, which rises when the Fed increases interest rates, and inflation, which rises when the Fed cuts rates, is tough in regular times. This year, it's particularly challenging because of the mounting uncertainty associated with President Trump's tariff policy. Related: Legendary fund manager has blunt message on 'Big Beautiful Bill' The White House maintains tariffs are the best way to arm-wrestle manufacturing back to the US. However, most economists view tariffs as a consumer tax likely to increase inflation. President Trump has enacted 25% tariffs on Canada, Mexico, and autos, 30% tariffs on China and a 10% baseline tariff on all imports. This week, he announced increased tariffs on key trading partners South Korea and Japan and, after extending the tariff pause deadline from July 9 to August 1, said no further extensions would be granted. Unfortunately, that does little to help give the Fed the clarity it needs to embrace dovish rate cuts, like it did late in 2024. Until there's certainty on tariff levels from trade deals, the Fed is left to wonder if additional rate cuts could fan inflationary fires even as the impact of tariffs on inflation hits. The Fed's hesitancy to lower interest rates creates a problem for the stock market. Stocks follow revenue and profit growth over time, and worries that inflation will slow household and business spending somewhat cap forward revenue and earnings outlooks. As a result, some are struggling to justify the S&P 500's massive rally since April, given the benchmark's price has increased much faster than forward earnings estimates, lifting valuation to worrisome levels. Analysts' forward 12-month earnings estimates have increased by just 1.2% since March, while the S&P 500 has gained about 11%, inflating the S&P 500's forward price-to-earnings ratio to 22.2, according to FactSet. That's meaningfully higher than the S&P 500's average forward P/E ratio over the past five and ten years, which are 19.9 and 18.4. Importantly, historically, the S&P 500 has struggled to generate returns in the year following a P/E ratio this high. While valuation is concerning, Bank of America isn't convinced that stocks have run out of steam. The popular Wall Street investment firm increased its S&P 500 target this week, citing corporate American resiliency. Related: Who saves money due to 'Big Beautiful Bill' tax cuts? "It's dangerous to underestimate Corporate America," wrote Bank of America strategist Savita Subramanian. "The US isn't exceptional, but corporate America might be." The analyst concedes that despite progress on trade deals, passage of the One Big Beautiful Bill Act, and lower recession risks, uncertainty remains high, propping up yields on Treasury bonds. Still, policy uncertainty hasn't translated into worrisome levels of corporate uncertainty. "Most co's have continued to guide on profits, and estimate dispersion (a measure of EPS uncertainty) is near post-COVID lows," wrote Subramanian. "Volatility in currency, inflation and rates have failed to rattle S&P 500 margins since COVID -- corporates either adapted or dropped out of the index." The ability to adapt doesn't mean risks don't exist, though, which could cause short-term problems for stocks. The strategist rates the short-term outlook for the S&P 500 as "tepid to cool" due to a lack of catalysts. The medium-to-long-term outlook is "warm," though, because while sentiment has improved, it is "nowhere near dangerous euphoric levels." "Deregulation and a pick-up in business investment could buoy markets ahead of mid-term elections," wrote Subramanian. Subramanian admits long-term S&P 500 returns could underwhelm because of the index's current valuation. Still, the analyst's latest number crunching points to a higher, not lower, price target. After adjusting equity risk premium and bond yield assumptions, Subramanian comes up with a 12-month S&P 500 target of 6,600. Related: JPMorgan delivers blunt warning on S&P 500 The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 hours ago
- Yahoo
Why Goldman Sachs thinks stocks can power past Trump's trade war to hit fresh records
Goldman Sachs is lifting its stock market forecast despite renewed tariff threats from Trump. The bank sees the S&P 500 climbing 11% to 6,900 over the next 12 months. It pointed to positive catalysts like strong earnings, Fed rate cuts, and lower bond yields. President Donald Trump fanned the flames of the trade war on Monday, but fresh tariff uncertainty shouldn't stop the stock market from cruising to record highs, Goldman Sachs predicted. Strategists at the bank raised their 3, 6, and 12-month price targets for the S&P 500 on Monday evening. Their updated forecast came hours after Trump unveiled a slew of new tariffs on other countries, which he said will kick in next month. Here are the bank's new predictions for the benchmark index, compared to their former price targets: 3-month return: +3% (6,400, up from 5,900) 6-month return: +6% (6,600, up from 6,100) 12-month return: +11% (6,900, up from 6,500) The bank thinks that S&P 500 companies look well-equipped to deal with the immediate impact of tariffs, once the duties take effect on August 1. The median S&P 500 firm in a goods-related industry had around three months' worth of spare inventory in the second quarter, strategists said. "We expect the digestion of tariffs to be a gradual process, and large-cap companies appear to have some buffer from inventories ahead of the increase in tariff rates," the bank said in a note sent to clients. "Recent company commentary shows S&P 500 firms plan to sue a combination of cost savings, supplier adjustments, and pricing to offset the impact of tariffs," they added. Strategists also pointed to several catalysts they believed could take the market higher: Strong earnings: While tariffs are expected to create "large uncertainty" around corporate earnings, the bank still expects earnings-per-share in the S&P 500 to grow around 7% over the next two years, strategists said, something that could offer more support to stocks. Aggressive Fed cuts: Goldman Sachs economists see the Fed issuing 75 basis points worth of rate cuts for the year, followed by 50 basis points worth of cuts in 2026. That reflects a much steeper pace of rate cuts than investors are currently expecting, which could lend some positive momentum to the market. Lower bond yields: Treasury yields are lower than Goldman Sachs originally expected, another bullish factor for equities. Higher bond tend to act as a headwind for stocks, as investors gravitate toward safer fixed-income assets as they dial down risk tolerance. Larger companies remaining strong and investors looking past tariffs: "In addition to the improved outlook for interest rates, the strength of 1Q 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," strategists added. Strong historical pattern: Over the last 40 years, in instances where the Fed began cutting rates after being on hold for six months and the economy avoided a recession for the next 12 months, stocks have typically gained around 10%-15% over the next year, according to Goldman Sachs' analysis. "The S&P 500 recently climbed to a new record and further upside would be consistently with the historical playbook following the resumption of Fed cutting cycles," strategists said. "While narrow breadth often signals the risk of larger-than-average drawdowns, we believe a 'catch up' is more likely than a 'catch down' and expect the market rally to broaden during the next few months," they added. US stocks dropped sharply on Monday after Trump announced a slew of fresh tariffs in letters published on his Truth Social account, but the market reaction was more muted in Tuesday's session. So far, Trump has announced fresh tariffs on 14 nations, with more tariff announcements set to be released in the coming days, according to the White House. Read the original article on Business Insider
