Former Goldman Sachs (GS) Banker Mark Carney Is Canada’s New Prime Minister

Mark Carney, a former investment banker at Goldman Sachs (GS) has become Canada’s new prime minister, succeeding outgoing leader Justin Trudeau.

Carney, age 59, won a leadership vote within Canada’s governing Liberal Party, receiving 86% of the 152,000 votes that were cast. He now takes over as Liberal Party leader and prime minister after Justin Trudeau resigned from the position. Carney will lead the Liberals into Canada’s next federal election, which must take place by Oct. 20 of this year.

Born in Canada’s Arctic region, Carney was educated at Harvard and Oxford Universities. He spent 13 years at Goldman Sachs, where he rose through the ranks in their London and New York offices to become managing director for investment banking.

Central Bank Governor

Returning to Canada, Carney was appointed Governor of the Bank of Canada in 2008, a position he held until 2013, helping to steer the country through the global financial crisis. From 2013 until 2020, Carney served as Governor of the Bank of England, becoming the first non-Briton to be appointed to the role since the Bank of England was created in 1694.

Since 2020, Carney has served as vice chairman at Brookfield Asset Management (BN), where he led the firm’s environmental, social and governance (ESG) investment strategy. He becomes Canada’s prime minister at a tumultuous time, with the country in the midst of a trade dispute with the U.S. under President Donald Trump and tensions running high.

So far, Canada has imposed $30 billion of retaliatory tariffs on U.S. goods and threatened other measures such as a surcharge on energy exports to America. Carney’s win marks the first time an outsider with no real political background has become Canada’s prime minister.

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