Cantor joins Wall Street bank

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Former House Majority Leader Eric CantorEric CantorEric Cantor offering advice to end ‘immigration wars’ Trump's olive branch differs from the golden eras of bipartisanship After divisive rally, Trump calls for unity MORE (R-Va.) has joined the global investment bank Moelis & Co. as vice chairman and managing director, the company announced Tuesday. 

Cantor, who resigned from Congress during the August recess after losing his primary in June, will also be elected to the company's board of directors. 

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Cantor will focus on client development and providing strategic advice. 

Initially, Cantor will be given $1.4 million in cash and stocks. He will receive a base salary of $400,000 per year, according to a filing with the Securities and Exchange Commission.

On top of that, Cantor will receive $1.6 million in incentive cash and stocks in 2015.

The contract allows Cantor to leave the company after two years without a pay penalty to "take a full-time elected or appointed position in federal government, state government, or a national party."

The investment bank focuses on offering strategic and financial advice to clients on "mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters."

It has more than 500 employees based in 15 offices around the world. 

"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," Cantor said in a statement provided by the firm. 

Cantor decided to resign from office effective Aug. 18 after a stunning upset loss in his primary to Republican Dave Brat on June 10. He made his resignation announcement the day he stepped down from his post as majority leader.

The 14-year veteran's departure from Congress came and went largely unnoticed last month, while Congress was away on its five-week August recess.

— This report was updated at 5:05 p.m.