Olly Robbins, the former chief Brexit negotiator for former UK prime minister Theresa May, plans to join Goldman Sachs after a break from politics, the Cabinet Office announced on Tuesday.
Despite being criticised by Brexiteers for having 'soft' negotiating skills, UK prime minister Boris Johnson paid tribute to Mr Robbins on Monday, who received knighthood from Mrs May after being added to her resignation honours list.
Revealed: Olly Robbins, Theresa May’s chief Brexit negotiator, is joining the Wall Street giant Goldman Sachs as a senior member of its banking team based in London. The appointment has been approved by the ACOBA committee in Whitehall. Announcement expected imminently.— Mark Kleinman (@MarkKleinmanSky) September 9, 2019
"I am delighted that Olly will be the first permanent secretary to take up this fellowship in Jeremy Heywood's memory, which follows his many years of dedication to public service in a variety of different roles," Mr Johnson said in a statement.
Mr Robbins will go to Oxford University for a sabbatical and leave the civil service sector afterwards to join Goldman Sachs' Investment Banking Division as a managing director, working beside figures such as European Commission president Jose Manuel Barroso, who also serves as the non-executive chairman of Goldman Sachs International.
The news comes after the UK's Office of the Advisory Committee on Business Appointments published a document on Tuesday confirming Mr Robbin's departure from the Cabinet in late July and Jeremy Heywood fellowship, which begins on 1 September, as well as outlining the terms of his relationship with the University of Oxford.
Theresa May has given her ex-chief EU negotiator Olly Robbins a knighthood in her resignation honours list.— James Melville (@JamesMelville) September 10, 2019
A knighthood for 3 years of abject failure. Political cronyism is in a robust state of health in Britain. But political integrity is seriously unwell.
But Mr Robbins is not the first to take a prime seat in the UK's finance capital, the City, with former politicians on both sides of the political divide bailing out of the Cabinet Office to work for the banking industry.
George Osborne: The king of lucrative public speaking opportunities, the Chancellor to former PM David Cameron pocketed roughly £650,000 a year for just four days of work a month after joining US investment fund Blackrock in early 2017. He also earned more than £85,000 for just one speech at US multinational investment bank JP Morgan in 2016, as well as £51,000 during a speaking event for Aberdeen Asset Management. He is also the editor-in-chief for the Evening Standard.
Alistair Darling: Serving as the Chancellor of the Exchequer to former Labour PM Gordon Brown from 2007 to 2010, Mr Darling has been an avid Remainer as well as advocate for the "Better Together" campaign against Scotland leaving the United Kingdom in 2014. Mr Darling, who was charged with bailing out British banks after the 2008 UK financial crisis, now serves as a member of the House of Lords and joined the board of directors at Morgan Stanley in January 2015.
Gordon Brown: The former British PM, who resigned over his handling of the 2008 UK financial crisis in May 2010, later signed up as a member of the advisory board for international investment firm Pimco to help guide the firm's "economic, geopolitical, and market expertise and insights". Pimco, who also employs US Federal Reserve chief Benjamin Bernanke and European Central Bank president Jean-Claude Trichet, joined Pimco a day before Mr Darling left office.
David Davis: Mrs May's Brexit secretary earned £16,000 to deliver a Brexit speech to an investment conference in November, and earned a further £16,000 for a speech with FTI consulting. According to a register of MPs, Mr Davis received a role as an "external advisor" to construction and manufacturing equipment giant JCB, which pays roughly £60,000 for just 20 hours of work each year. This is in addition to part-time work as a board member with German manufacturing company Mansfelder Kupfer und Messing, where he earned £36,085 in just half a year.
UK prime minister Boris Johnson has faced intense backlash from opposition members under Labour leader Jeremy Corbyn after the latter passed Hilary Benn bill via Royal Ascent on late Monday, forcing Johnson to ask Brussels for an extension until January 2020 and blocking any attempt to call snap elections until after 31 October, should the UK fail to reach an agreement with the EU by 19 October following a crucial EU summit. But the British PM said that the UK would withdraw from the EU 'come what may' by the deadline, and has lost two chances to trigger a general election, with the most recent failure taking place on Tuesday, sparking anger from the Prime Minister.