Former House Majority Leader
Cantor, 51, who resigned last month after an upset loss in a Republican primary, will be vice chairman and managing director at the firm started in 2007 by longtime Southern California investment banker Ken Moelis.
Moelis & Co. has grown to more than 500 employees in 15 offices around the world and has been involved in some major deals. It represented the Los Angeles Dodgers and former owner Frank McCourt on the baseball team's 2012 sale to
Ken Moelis, 55, advised leading entrepreneurs such as
In April, Moelis & Co., now based in New York, raised about $163 million in an initial public offering — the first IPO by an investment bank since the 2008 financial crisis.
In Cantor, the firm gains a well-connected former congressional leader who can offer clients "judgment, experience and knowledge about what's going on in the world," Moelis said in an interview Tuesday.
"At 51 years old, he was the majority leader, which gives him at a relatively young age incredible experience in the world," said Moelis, the investment bank's chief executive. "I think he's a singular type of talent."
Moelis had met Cantor several years ago and stayed in touch. Cantor recently asked him for advice on his future, and the two met for brunch, Moelis said.
"I went into that brunch with not a thought of him working for me ... and as I was talking to him about what I thought his skill set was and what I thought he could accomplish, it hit me, 'Why doesn't he come work here?'" Moelis said.
Cantor will do little, if any, lobbying, Moelis said.
Cantor is the latest government official to cash in on Wall Street after working in Washington. His pay will jump from the $193,400 a year he earned as majority leader to a base salary of $400,000 a year to start.
He also will receive a $400,000 cash payment and $1 million in restricted stock that will vest in phases after his third, fourth and fifth anniversaries with the company, according to a filing Tuesday with the
Elected to the House from a suburban Richmond, Va., district in 2000, the strong business advocate rose through the ranks and was elected majority leader when
Cantor, though, became the first congressional leader in a generation to lose his seat when he was upset in the GOP primary by
Wall Street was a logical landing spot for Cantor. During his congressional career, he raised more money — $3 million — from the securities and investment industry than from any other sector, according to the Center for Responsive Politics.
"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," said Cantor, a lawyer and former small business owner.
The financial industry values the knowledge of Washington officials and politicians.
Last year, former Treasury Secretary
Over the years, so many
Politicians are more likely to go into lobbying, such as former Sen.
Some politicians have gone into investment banking or venture capital. They include former Vice President
The revolving door has also swung the other way. Sen.