Eric Cantor arrives for a news conference on Capitol Hill in Washington, June 11, 2014.
Photo by Jonathan Ernst/Reuters

Eric Cantor has a new job at a Wall Street firm

Updated

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. 

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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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Oh, the places Eric Cantor will go!

It seemed like a dark time for Rep. Eric Cantor, R-Va., when he was upset by a tea party challenger in his primary. Not to worry, Cantor will be just fine with his new job on Wall Street.

Eric Cantor

Eric Cantor has a new job at a Wall Street firm

Updated