Eric Cantor’s post-congressional career will take him to the lucrative world of investment banking on Wall Street.
The former House majority leader, who was stunningly defeated in a Virginia GOP primary, has joined Moelis & Company as vice chairman and managing director. Cantor will also serve on the firm’s board of directors, the company announced.
Cantor’s new job will pay him more than the $193,400 in salary he received as House majority leader. He is set to receive $400,000 in base salary, an initial cash amount of $400,000 and $1 million in initial restricted stock units, Moelis disclosed in a new Securities and Exchange Commission filing Tuesday.
In 2015, Moelis will pay Cantor a minimum of $1.2 million in salary and $400,000 in restricted stock, the SEC filing said. The company will also reimburse Cantor for the “reasonable cost” of a New York City apartment for his first 12 months of employment.
RELATED: Tea party-backed challenger defeats Eric Cantor in GOP primary
Cantor, once considered a likely House speaker, lost his bid for an eighth term in June to Tea Party challenger Dave Brat, an economics professor. He was a prolific fundraiser and served as the House GOP’s liaison to Wall Street. Cantor resigned his seat on Aug. 18 and his friend, Rep. Kevin McCarthy, was elected to take his place as House majority leader.
“Eric’s judgment and tremendous experience will expand the capabilities our team brings to clients around the world as he has unique expertise in assessing complex situations and crafting innovative solutions,” Ken Moelis, chairman and CEO of the firm, said in a statement.
Campaign finance records show Moelis contributed $5,200 to Cantor’s campaign in 2013-2014. Moelis & Company, founded in 2007, has a market value of nearly $2 billion, according to the Wall Street Journal.
“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,” Cantor 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.”
It didn’t take long for the tea party to jump on Cantor.
“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,” Kevin Broughton, a spokesman for the Tea Party Patriots Citizens Fund, told The Daily Caller on Tuesday. “He certainly didn’t waste any time validating that theory.”
Cantor will open a Washington office for the investment bank in addition to working out of the firm’s New York City office.
Catalina Camia, USA TODAY
Contributing: Kevin McCoy