NEW YORK — When Eric Cantor suffered a surprising electoral defeat this year, Washington pundits wondered where the House majority leader would end up.
The answer: a Wall Street boutique investment bank.
Cantor will be joining Moelis & Co. as vice chairman and a director on its board, the firm said Tuesday. He is expected to serve as a senior adviser to the firm’s clients on strategic matters.
Moelis & Co. will pay Cantor a base salary of $400,000, along with an additional cash payout of $400,000 and $1 million in restricted stock that will vest over five years.
Next year, the investment bank will give him a minimum incentive payout of $1.2 million in cash and $400,000 in restricted stock.
In his 13 years in Congress, Cantor became an important link between Republicans and the business world.
He came to know Moelis & Co.’s founder, the longtime dealmaker Kenneth Moelis, some time ago. When it came time for Cantor to find a new job after losing a primary battle with David Brat, a relatively unknown college professor with deep support from Tea Party activists, he eventually decided to head to the boutique investment bank to focus on dispensing advice to clients.
“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.
“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.”
Moelis added in a statement, “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.”