Ex-Republican to work on Wall Street

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Eric Cantor1 Reuters. The former US House majority leader, Republican representative Eric Cantor.

New York - The former US House majority leader, Republican Representative Eric Cantor, is going to work on Wall Street, his new employer said Tuesday.

Cantor, 51, will be vice chairman and managing director at Moelis & Company, a small investment bank.

He will also be elected to its board of directors, the bank said in a statement.

Cantor, an establishment heavyweight, shocked the US political world back in June when he lost to an even more conservative but virtually unknown Tea Party-backed challenger in a primary election in the state of Virginia.

He announced last month he would resign from his seat.

After a political career spanning 25 years, Cantor had become the second most powerful Republican in the House of Representatives.

“In his new role, Mr. Cantor will provide strategic counsel to the Firm's corporate and institutional clients on key issues. He will play a leading role in client development and advise clients on strategic matters,” the bank statement said.

Moelis is a small investment bank with about 500 employees and a market capitalisation of 550 million dollars (R5.9 billion). - Sapa-AFP

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