Former US House majority leader Eric Cantor is going to work on Wall Street, his new employer said Tuesday.
The Republican Cantor, 51, will be vice chairman and managing director at Moelis & Company, a boutique investment bank. He will also be elected to its board of directors, the bank said in a statement.
Cantor, an establishment heavyweight, shocked the US political world back in June when he lost to a more conservative but virtually unknown Tea Party-backed challenger, Dave Brat, in a primary election in the state of Virginia.
With a political career spanning 25 years, Cantor had become the second most powerful Republican in the House of Representatives.
Cantor resigned his congressional seat on August 18 but quickly found his feet with the high-paying Wall Street position, a role in which his vast connections and knowledge of the workings of Capitol Hill could be a boon to clients as they navigate Washington.
“In his new role, Mr. 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,” the bank said.
Moelis is a small investment bank with about 500 employees and a market capitalization of $550 million.
In a filing to the US Securities and Exchange Commission, Moelis reported that Cantor will receive base pay of $400,000 per year — more than twice his congressional wage. He will also get a $400,000 cash bonus and a $1 million bonus in stock this year, and a larger pay package in 2015.
A Tea Party Patriots Citizens Fund representative blasted Cantor for shifting to Wall Street so quickly.
“After Dave Brat’s upset victory in June, many analysts accused Eric Cantor of paying more attention to Wall Street than to the people of Virginia’s 7th District,” spokesman Kevin Broughton said.
“He certainly didn’t waste any time validating that theory.”
Republican lawmakers in June elected congressman Kevin McCarthy, the former majority whip, to replace Cantor as House majority leader.