Frydenberg lost his blue-ribbon Liberal seat of Kooyong in Melbourne to teal independent Dr Monique Ryan, who had campaigned on strong climate action and for a national integrity commission.

“I am pleased to join Goldman Sachs which is the pre-eminent mergers and acquisitions and capital markets adviser to clients globally,” Frydenberg said on Thursday.

“I look forward to joining the team and contributing to the firm’s leadership, its global capability, and its strength of client franchise.”

Goldman Sachs Asia Pacific president Kevin Sneader said the former treasurer brings “deep public and private sector experience, connectivity, and insight”.

“His significant understanding of geopolitical and economic issues will bring considerable value to our clients across the region and beyond,” he said.

The bank’s Australian chief executive 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”.

-AAP