Rishi Sunak’s Return To Goldman Sachs Draws Warning From UK Watchdog

Former U.K. Prime Minister Rishi Sunak’s return to Wall Street as a Senior Adviser at Goldman Sachs (GS) has drawn scrutiny from the U.K.’s Advisory Committee on Business Appointments, which warned Tuesday that the role could be perceived as offering the bank “unfair access and influence” within government.

Sunak’s appointment at Goldman marks his return to Wall Street more than two decades after leaving. Sunak, who is still a member of parliament in the U.K., worked at Goldman as an analyst from 2001 to 2004 – first as a summer intern, then as a junior analyst.

Goldman’s stock fell 1.4% in midday trade on Tuesday after the announcement amid broader market weakness. On Stocktwits, retail sentiment around the stock fell to ‘bullish’ territory from ‘extremely bullish’ a week ago.

This comes after HSBC adopted a “more cautious stance” on bank stocks on Tuesday and reduced its rating on Goldman to ‘Reduce’ from ‘Hold’ with a $627 price target.

In a letter published alongside Goldman’s announcement, Acoba said Sunak’s appointment presents a risk of “overlap” with responsibilities he held while serving as Prime Minister and Chancellor. 

The watchdog imposed restrictions that prohibit Sunak from lobbying the U.K. government on Goldman’s behalf or advising the bank on matters related to government contracts for 12 months from his last day in the ministerial office.

Sunak has largely stayed out of public view since his Conservative Party suffered a historic defeat in the July 2024 general election, dropping from 365 seats to 121. 

His appointment adds to a growing list of former senior politicians taking roles in finance, where their regulatory insight and global networks are viewed as strategic assets.

“In his role, he [Rishi Sunak] 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,” said Goldman Sachs Chairman and CEO David Solomon.

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Read also: BofA Hikes S&P 500 Forecast, Flags Slowing Tech Profits – But Wall Street Boosts Price Targets For Apple, Meta, Amazon Ahead Of Q2 Earnings

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