David Freud spent the first eleven years of his career as a journalist, working at the Financial Times for eight years.

In 1984 David joined the leading UK investment bank, S.G. Warburg, now known as UBS. He specialised in flotations and privatisations around the world and successfully built strong investment banking franchises in Transport, Infrastructure, Leisure and Business Services. After retiring as Vice Chairman from UBS Investment Banking, David was the Chief Executive Officer of The Portland Trust in 2005-2008 and remains a Trustee and Director of the not-for-profit foundation dedicated to the pursuit of peace in the Middle East through economic development.

In March 2007 David published the independent Freud Report, “Reducing Dependency, Increasing Opportunity”, on the Welfare to Work system. The Freud Report was commissioned by the then Secretary of State for Work and Pensions, John Hutton MP, and was welcomed at the time by former Prime Minister Tony Blair and the Chancellor, Gordon Brown. Between January 2008 and February 2009, David Freud was an adviser on welfare reform to the Secretary of State for Work and Pensions, and in February 2009, David Cameron nominated David as his Shadow Minister for Welfare Reform.

In May 2010, Lord Freud was appointed Parliamentary Under Secretary of State at the Department for Work and Pensions.