Eric Cantor, the former Virginia Republican congressman and House majority leader, is starting a new job on Wall Street.
Cantor will join Moelis & Company as vice chairman and managing director. He is also expected to be elected to the Moelis board of directors, the firm said in a press release Tuesday. He stepped down from Congress in mid-August to give his successor seniority, following his resignation as House majority leader in July.
Cantor unexpectedly lost his primary to tea party challenger Dave Brat, a largely unknown college professor who was outspent 26-to-1 by Cantor and wasn’t thought to be a risk until election night, when he defeated Cantor by a surprising margin. Brat hit Cantor hard on his support for immigration reform and, at times, his coziness with Wall Street.
Related: 5 things Dave Brat wants you to know about Dave Brat
Ken Moelis, the chairman and CEO of the Wall Street firm, celebrated Cantor as a “proven … pro-business advocate.”
Indeed, Cantor was popular on Wall Street while in Congress. Donors from the financial industry have forked over big bucks for Cantor (he raised $1.8 million in 2014 alone). In turn, Cantor became one of Wall Street’s favorite members — serving on the House Financial Services Committee and learning the intricacies of financial policy, fighting to lower taxes on private-equity managers and limit disclosures. Cantor spent his final day in Congress in Manhattan, where Moelis is headquartered. Cantor will open a Washington office for Moelis, a small firm that advises clients on mergers, acquisitions and risk. “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 in a statement.
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