Josh Frydenberg faces a massive payday when, after a devastating loss, he takes a cushy job at Goldman Sachs to become independent
- Josh Frydenberg has joined leading investment bank Goldman Sachs
- The former treasurer is the company’s new senior regional advisor for Asia Pacific
- It comes after his election defeat to slam independent MP Monique Ryan
Josh Frydenberg has taken up a new position at leading investment bank Goldman Sachs after losing to independent Monique Ryan.
The former federal treasurer was announced in a media release on Thursday as the company’s senior regional adviser for the Asia-Pacific region.
“I am pleased to join Goldman Sachs, the preeminent M&A and capital markets advisor to clients worldwide,” Mr. Frydenberg said in a statement.
‘I look forward to joining the team and contributing to the leadership of the company, its global capability and its strong customer position.’
Former Treasurer Josh Frydenberg (pictured with wife Amie at the Midwinter Ball) has accepted a job at investment bank Goldman Sachs following his election defeat in May
Kevin Sneader, Goldman Sachs co-president for Asia-Pacific ex-Japan, said the company was excited to bring Mr. Frydenberg on board.
“We are fortunate to bring to Goldman Sachs an individual with Josh’s extensive experience, connectivity and insight across the public and private sectors,” he said.
‘His deep understanding of geopolitical and economic issues will bring significant value to our clients across the region and beyond.
‘Our Australian clients will benefit greatly from Josh’s insight and expertise, gained over his impressive career which has spanned experience and perspectives across a range of sectors.’
Mr. Frydenberg has been appointed as the firm’s new Senior Regional Advisor for Asia Pacific (pictured, Goldman Sachs Melbourne office).
Blue-green independent Monique Ryan (pictured) won the Kooyong seat in May’s election, ending Mr Frydenberg’s 12-year tenure as a member of the Melbourne-based electorate
Mr. Frydenberg lost the Kooyong seat to the independent Monique Ryan after the May 21 election.
He has held the Melbourne-based electorate since August 2010.
In a statement, the former treasurer said he had Dr. Ryan called to admit defeat and congratulate her.
‘Today I have Dr. Monique Ryan to congratulate her on the Kooyong election results and to wish her all the best in her upcoming term.’
“It has been an incredible privilege to have served as a local member for the past 12 years.”
Mr Frydenberg was one of many high-profile Liberals who lost their secure blue ribbon seats to the so-called blue-green independent candidates during the election.
His defeat in Kooyong marks the first time the seat has been without a Liberal representative since its inception in the 1940s.