Former European Commission president Jose Manuel Barroso faced a wave of criticism Saturday after it emerged that he will advise US investment bank Goldman Sachs on the fallout from Brexit.

Barroso, who also served as Portugal’s prime minister, will become a non-executive chairman of Goldman Sachs International (GSI), the bank’s international arm based in London. “Jose Manuel brings immense insights and experience to Goldman Sachs, including a deep understanding of Europe,” GSI co-chief executives, Michael Sherwood and Richard Gnodde, said in a statement.

But his appointment has been criticised across the political spectrum. “Serving the people badly, serving yourself at Goldman Sachs: Barosso, an indecent representative of an old Europe that our representative will change,” tweeted France’s foreign trade minister Matthias Fekl.

Fekl’s socialist colleagues in the European Parliament also condemned Barroso’s move, calling it “scandalous”.

“We call for the rules to be changed to prevent the appointment of former European commissioners,” French socialist Euro MPs wrote in a joint statement, adding that the “revolving door system strongly resembles a conflict of interest”. Barroso served as president of the European Commission for a decade until 2014 — steering it through the global financial crisis — and before that as Portugal’s prime minister between 2002 and 2004.

“Obviously I know the EU well and the British context quite well. If my advice can be useful in such circumstances, I’m ready to help,” Barroso told the Financial Times.

Goldman Sachs was heavily involved in selling complex financial products, including subprime mortgages that contributed to the world financial crisis in 2008.

Leftwing French daily Liberation described Barroso’s appointment as “the worst timing for the Union and a boon for europhobes,” adding that it was tantamount to giving Europe “the finger”. Marine Le Pen, leader of France’s far-right National Front (FN) party, said on Twitter that the appointment was “nothing surprising for people who know that the EU does not serve people but high finance”.

Despite the chorus of criticism, Barosso’s appointment adheres to the European Commission’s rules that specify that commissioners remain accountable to the body for 18 months after the end of their term. “Former commissioners obviously have the right to pursue their careers or politics. It is legitimate for people with great experience and qualifications to continue to play leading roles in the public or private spheres,” said a commission spokesman.