Former Treasurer Josh Frydenberg has turned his hand to banking after his career in politics came to an end when he lost his seat of Kooyong in the 2022 Federal Election.
Leading global financial institution, Goldman Sachs, announced on July 21 that Frydenberg will be lending his expertise to the company with his latest appointment as Senior Regional Advisor for Asia Pacific.
Thank you to our clients who entrust us to deliver the world’s best and partner with us to help achieve their financial objectives. A special congrats to our teams around the world for these wins in @Euromoney’s Awards for Excellence.
See the full list: https://t.co/AuyNc6QDi7 pic.twitter.com/3o0cRzF3tf
— Goldman Sachs (@GoldmanSachs) July 14, 2022
In a statement released by the investment bank, Frydenberg said he was eager to start his new role.
“I am pleased to join Goldman Sachs which is the pre-eminent mergers and acquisitions and capital markets adviser to clients globally,” Frydenberg said.
“I look forward to joining the team and contributing to the firm’s leadership, its global capability, and its strength of client franchise.”
President of Goldman Sachs in Asia Pacific Ex-Japan, Kevin Sneader said the ex-Treasurer will be a valuable asset to the company.
“We are fortunate to bring to Goldman Sachs a person of Josh’s deep public and private sector experience, connectivity, and insight,” Sneader said.
“His significant understanding of geopolitical and economic issues will bring considerable value to our clients across the region and beyond.”
Chief Executive Officer for Goldman Sachs in Australia and New Zealand, Simon Rothery, said: “Our Australian clients will greatly benefit from Josh’s insights and expertise that have been gained from an impressive career which includes experience and perspectives across a range of sectors.”
Since the announcement of his new role, Frydenberg has faced criticism with many bringing up his $60 billion miscalculation in JobKeeper payments while he was Treasurer.
Would the Josh Frydenberg who just landed a gig as a merchant banker at Goldman Sachs be the same Josh Frydenberg who made that little old arithmetic error of $60b a while back? Perhaps that’s just regarded as a rounding error in merchant banker land.#auspol
— Sandra N (@attempt57) July 21, 2022
Josh Frydenberg joined Goldman Sachs yesterday and today the firm announced an unexpected $60 billion profit
— The Shovel (@TheShovel) July 21, 2022
Hey .@GoldmanSachs, Your new hire Josh Frydenberg miscounted a major federal economic program by over $40 BILLION DOLLARS. You’ve hired him in an advisory position, so ummm, good luck with that. #newhirecantcount #mathsisimportant #frydenberg #failingup #mediocrityreigns
— cinegirl 14???? (@cinegirl14) July 22, 2022
Conversely, Goldman Sachs said Frydenberg’s past experience in “effective economic management” will make him a great addition to their team.