Eric Cantor has landed on Wall Street.
The former House majority leader will join Moelis & Company as vice chairman and managing director, the firm announced Tuesday. He will also serve on the company’s board of directors.
Cantor’s defeat in June by a little-known conservative challenger in his district’s Republican primary may have been the political upset of the year. Immediately following that loss, Cantor announced his resignation as the leader of House Republicans.
The Republican had pledged to serve out the remainder of term in Congress this year, but announced last month that he would resign his seat early on Aug. 18. That led to speculation that he was gearing up for a big job on Wall Street or K Street.
On Tuesday, Moelis & Company said Cantor will “provide strategic counsel to the firm’s corporate and institutional clients on key issues” and “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. “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. 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.”
“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,” said Ken Moelis, the chairman and CEO of Moelis & Company.
The Wall Street Journal, which broke the news, said Cantor will still live in Virginia and will open the firm’s new office in Washington.