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Goldman Sachs has welcomed former Prime Minister Rishi Sunak as a senior advisor, following his resignation from office in July 2024. In his new role, Sunak will provide part-time guidance to the bank’s clients, drawing upon his expertise in global politics and the economy. Despite taking on this advisory position, Sunak continues to serve as the Conservative MP for Richmond and Northallerton in Yorkshire.
David Solomon, chairman and chief executive of Goldman Sachs, expressed his enthusiasm about Sunak’s return to the firm and highlighted the value he brings in terms of client advice and overall professional development. Sunak’s salary from this new role will be donated to The Richmond Project, a charitable organization that focuses on enhancing numeracy skills across the UK. However, the Advisory Committee on Business Appointments (Acoba) has raised concerns regarding potential risks associated with Sunak’s new position at Goldman Sachs.
Acoba has stipulated certain conditions for Sunak’s advisory role, including restrictions on advising other governments or their sovereign wealth funds, as well as lobbying the UK government on behalf of the bank. Despite these limitations, Sunak’s extensive background in the financial services sector, including his previous employment at Goldman Sachs, has positioned him as a valuable asset in his new capacity at the bank. Prior to joining politics, Sunak had a successful career at the bank as an analyst in the early 2000s, which has undoubtedly contributed to his wealth of experience in the financial industry
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