Eric Cantor to Join Investment Bank Moelis as Vice Chairman

Former U.S. House Majority Leader Eric Cantor will join investment bank Moelis & Co. as vice chairman and managing director, the company said, adding that Cantor will also be elected to its board.

Cantor, who was defeated in June by a Tea Party challenger in a Republican primary election, will provide strategic counsel to the company's corporate and institutional clients on key issues, Moelis said.

"Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions," Moelis CEO Ken Moelis said in a statement.

Cantor, the No.2 Republican in the House of Representatives, was beaten by college economics professor David Brat, who accused Cantor of betraying conservative principles on spending, debt and immigration.

Cantor stepped down from his leadership position in the Republican-controlled House of Representatives last month and resigned from his Virginia seat.