Weeks after resigning from Congress following his stunning primary defeat in June, former U.S. House Majority Leader Eric Cantor (R-Va.) has a new job with a Wall Street boutique investment bank.
Effective Wednesday, Sept. 3, Cantor will become vice chairman and managing director of Moelis & Company, a boutique investment bank that advises mergers, acquisitions and other corporate strategies. The small but successful investment bank employs about 500 people and boasts a market capitalization of $550 million.
As House Majority Leader, Cantor had a salary of $193,400, according to Congressional pay guidelines. Cantor’s pay package at Moelis will total $3.4 million for the remainder of the year through the end of calendar 2015, Moelis reported in an SEC filing Tuesday. That includes an annual salary of $2 million plus a $1.4 million signing bonus.
“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,” Moelis CEO Ken Moelis said in a statement.
Cantor, 51, suffered a shocking defeat in Virginia’s June Republican primary by virtually unknown Tea Party-backed challenger, Dave Brat. Cantor stepped down as U.S. House Majority Leader Aug. 1 and resigned his congressional seat Aug. 18. After a political career spanning more than 25 years, Cantor had become the second most powerful Republican in the House of Representatives.
“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,” Mr. Cantor said in a statement. “The new model of independent banks offering conflict free advice, in a smaller more intimate environment, was a place where I knew my skills could help clients succeed.”