Eric Cantor Lands A Job On Wall Street
Not surprisingly, the former House Majority Leader, who resigned from Congress last month, has landed on his feet:
Former House Majority Leader Eric Cantor is joining the Wall Street firm Moelis & Co., the firm announced on Tuesday.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” the firm’s founder, Ken Moelis said in a statement.
Cantor is signing on with the boutique investment bank as a vice chairman and managing director, the company said. He will also be elected to its board of directors.
Cantor is expected to receive a pay package of $3.4 million in his new role, Business Insider reported, citing a Securities and Exchange Commission
The firm said Cantor will “provide strategic counsel to the firm’s corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters.”
“When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients,” Cantor said.
Cantor unexpectedly lost the GOP primary for his Virginia congressional seat in June. He resigned from Congress last month.
Cantor will continue to live in Virginia and open an office for the investment bank in Washington, The Wall Street Journal reported. He will also have an office in New York.
Talks between Cantor and Moelis about the former lawmaker joining the firm began “shortly before July Fourth” over brunch in Los Angeles, and grew by the end of the month, the paper said.
It was just about a month later, at the beginning of August, that Cantor announced that he would be leaving office early, and let’s just say that it’s not too big a surprise that he ended up with a job like this.