Former Virginia Republican Congressman and House Majority Leader Eric Cantor will join the investment bank Moelis & Co. as a vice chairman and managing director, who will also be elected to its board, the company announced Tuesday.
Cantor will provide the financial institution with strategic counsel to its corporate and institutional clients on important matters. The former top Republican official in Washington is expected to receive a salary package of $3.4 million.
It was reported that negotiations between the two parties started to transpire prior to the Fourth of July long weekend during brunch in Los Angeles. The talks were amplified by the end of the month. Cantor will remain in the Old Dominion and establish an office for the investment bank in Washington.
Moelis & Co. commended Cantor’s work on Capitol Hill for lowering taxes and cutting red tape.
“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 noted in a statement that he wanted to join a company with “a great entrepreneurial spirit that focused on its clients.”
“I have known Ken for some time and having followed the growth and success of his Firm, I have long admired his vision and leadership,” Cantor stated. “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.”
The No. 2 Republican in the House of Representatives was surprisingly defeated June during the GOP primary by college economics professor David Brat, who accused Cantor of betraying conservative principles and values.
Cantor was first elected in 2000 and soon become a fervent supporter for Wall Street. In 2013 and 2014, Cantor was a major beneficiary from the private equity and investment industry, including Blackstone Group ($65,500), Scoggin Capital Management ($40,400) and Goldman Sachs ($26,600).
