Frydenberg appointed Goldman Sachs Australia chairman

afr.com:

Former treasurer Josh Frydenberg has been appointed the chairman of Goldman Sachs’ Australian business after joining the investment banking giant last year.

Mr Frydenberg joined the bank as a senior regional adviser for Asia Pacific after the Coalition lost last year’s federal election. In an internal memo obtained by The Australian Financial Review, the bank said that Mr Frydenberg would “focus on further deepening and strengthening client coverage across the A/NZ region”.

Josh Frydenberg is the new chairman of Goldman Sachs in Australia. Eddie Jim

“He will continue to offer advice on economic and geopolitical issues as the firm’s senior regional advisor for Asia Pacific,” the memo said. “Josh will work closely with Simon Rothery, Nick Sims and Zac Fletcher to further enhance our One Goldman Sachs client focus and our positioning as a trusted advisor to clients by delivering the entire firm.”

Christian Johnston, the investment bank’s former local chairman, retired in late March and took up a position as an advisory director.

Mr Rothery is Goldman Sachs’ local chief executive, while Mr Fletcher is the managing director. Mr Sims is one of the regional co-heads of investment banking.

Mr Frydenberg lost his seat of Kooyong in an upset win for independent teal MP Monique Ryan at the last election. Mr Frydenberg had been in parliament since 2010, and was the Liberal Party’s deputy leader between 2018 and 2022. He was also previously the energy minister and the assistant treasurer.

In February, Mr Frydenberg told the Financial Review that his position at Goldman Sachs gave him “scope to be part of the day-to-day deal flow, as well as reflect on the changing macroeconomic and geopolitical dynamic”.

Mr Frydenberg has not ruled