Former Treasurer promoted to senior board role at Goldman Sachs Australia
Former Treasurer, Josh Frydenberg, has been appointed as chairman of Goldman Sachs Australia.
Frydenberg, who lost his parliamentary seat as MP for the Victorian seat of Kooyong in May 2022 in a shock defeat against independent candidate Monique Ryan, joined the investment bank in July 2022 as a senior regional adviser for Asia-Pacific.
At the time, the bank said he was appointed for his “deep public and private sector experience, connectivity and insight”.
However, he has since been appointed to a senior leadership role as chair of the firm’s Australian division following the departure of former chair Christian Johnston who retired at the end of March.
According to a memo seen by the Australian Financial Review, Frydenberg’s role will focus on “deepening and strengthening client coverage across the A/NZ region”.
“He will continue to offer advice on economic and geopolitical issues as the firm’s senior regional adviser for Asia Pacific.”
Goldman Sachs stated the new role will see him work closely with Simon Rothery, chief executive of Goldman Sachs Australia, co-head of investment banking for Australia and New Zealand Nick Sims and managing director Zac Fletcher.
The leadership group will “further enhance our One Goldman Sachs client focus and our positioning as a trusted advisor to clients by delivering the entire firm," the memo said.
Frydenberg has a background in investment banking, having worked as director of investment banking at Deutsche Bank prior to starting his political career.
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The documentary "Inside Job" which looked into the causes of the 2008 Global Financial Crisis found that a major cause of the crisis was the revolving door that exists between the private and public sector. When you have high ranking public sector officials eyeing up lucrative private sector jobs when they leave public office you open the door to conflicted behaviour which often manifests in legislation changes that are not always in the best interest of the public. It happens across both parties. How else do you explain how a former Labor minister was able to make major changes to the financial advice industry which made advice unaffordable for the masses then swiftly proceeded to join the board of a digital advice startup in the private sector which provides cheap financial advice. Funny how this clearly conflicted behaviour does not come under much scrutiny.
https://www.abc.net.au/news/2010-06-14/one-shitty-deal/8952826
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