Former House Majority Leader Eric Cantor is taking his talents to Wall Street, joining boutique investment bank Moelis Co. as a vice chairman and board member.
Cantor’s move into the private sector was widely anticipated following his June electoral defeat at the hands of an unknown economics professor — one of the biggest political upsets in recent memory.
Cantor then chose to resign from his position in the leadership rather than finish his term. The 7-term congressman’s decision set off speculation about his next gig — be it at a bank, lobby shop or law firm.
Moelis (MC) said that Cantor will work out of New York and a new office opening in D.C.
Since the firm went public in April, shares have risen by almost 40%. Moelis advises 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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As a lawyer and former member of the House Financial Services Committee, Cantor has always found significant support on Wall Street.
During his most recent congressional campaign, Cantor raised $785,000 from the investment industry — more than any other sector, according to the Center for Responsive Politics. His top single donor was Blackstone Group (BX).
Cantor’s move to Wall Street is likely to inflame critics of the so-called revolving door in Washington. They say politicians are too often trading public service duties for lucrative private sector jobs.
Tom Davis, a former Virginia congressman, recently told the New York Times Magazine that Cantor was in a prime position.
“I think it would be easy for him to become Eric Cantor Inc. and make a few million dollars a year,” Davis said.
