Eric Cantor is Going from Congress to Posh Wall Street Gig Advising Big Business
Former House Majority Leader Eric Cantor suffered a shocking upset earlier this year, losing his primary bid to a little-known Tea Party candidate David Brat.
Now, it seems Cantor will not be unemployed long. He is taking the lessons learned leading the House Republicans and applying it to a new job on Wall Street.
Cantor, who does not have a background in the financial sector prior to his stint in Congress, will join the New York offices of Moelis & Co., before heading back to Washington to lead a new 500 employee branch of the firm in DC.
Cantor issued the following statement about the new chapter in his life:
“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. 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,” he said. “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.”
Ken Moelis, Chairman and CEO of the firm, also applauded the move, pointing out Cantor’s pro-business track record and tough negotiation skills.
“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 said, in support of his friend.
According to the New York Times, Cantor will earn a base salary of $400,000 for his new job, in addition to a minimum incentive payout of $1.2 million in cash and $400,000 in restricted stock in his first year.
In his new duties, he will be advising big business on strategic matters and takeover deals for the firm.
Photo Credit: Official Congressional Portrait