Eric Cantor Starts New Job on Wall Street

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    Former Congressman Eric Cantor is starting a new job on Wall Street.

    Cantor will join the Moelis and Company investment bank as vice chairman and managing director.

    "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 company said in a press released issued Tuesday.

    Cantor will also sit on the company's Board of Directors.

    Cantor stepped down as House Majority Leader and resigned his seat in the House of Representatives last month, telling The Richmond Times-Dispatch that he wanted to make sure his constituents had a voice during the "consequential" lame-duck session.

    Cantor lost to Dave Brat, an underfunded, Tea Party-backed opponent, in his Republican primary in June.

    Cantor, 51, was a seven-term House veteran who before his defeat had been seen as a potential rival -- and likely successor -- to House Speaker John Boehner, R-Ohio. Though he had a conservative voting record, he was distrusted by some tea party supporters who suspected he might be too eager to reach compromise on immigration legislation.