José Manuel Barroso to work for Goldman Sachs

The former European Commission chief will act as a non-executive chairman as well as an advisor

Former European Commission Chief José Manuel Barroso is set to join Goldman Sachs in the latest case of revolving doors for former public leaders.

The ex-Portuguese prime minister, who was also president of the European Commission for 10 years, will act as non-executive chairman as well as an advisor to the international arm of the U.S. investment bank giant.

Barroso was elected to the Portuguese parliament in 1985 and from 2002 to 2004, served as prime minister of the country.

He joined the Commission as president in 2004 and stepped down in 2014.

“His perspective, judgment and counsel will add great value to our GSI board of directors, Goldman Sachs, our shareholders and our people,” said Goldman Sachs International in a statement released today.

The Commission under Barroso’s tenure adopted revolving doors rules for its former officials going into the private sector, like vetting any appointments that might create conflicts of interests during the first 18 months of leaving the office. For Barroso, this limit expired on May 1.

Barroso is not the first EU top official to add Goldman Sachs to his résumé. Mario Draghi, the chairman of the European Central Bank, Mario Monti, a former Italian prime minister and commissioner for competition, and Carlos Moedas, the current European commissioner for research, science and innovation worked at the U.S. bank in the past.

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Goldman Sachs was attacked during the Greek economic crisis for having helped Athens hide its financial situation to enter the eurozone in 2000.