Ex-House Majority Leader Eric Cantor joins investment bank

U.S. House Majority Leader Eric Cantor, R-Va., pauses as he speaks during a news conference June 11, 2014, on Capitol Hill in Washington after he had lost his primary to tea party challenger Dave Brat.

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Ex-House Majority Leader Eric Cantor, the Virginia Republican who was ousted in a shocking primary defeat this year, has found a new home outside of Congress: Moelis & Co., a boutique investment bank.

The Wall Street Journal reports that Cantor began discussing a possible future with Moelis founder Ken Moelis over a brunch shortly before July 4, and will open a Washington office for the New York-based company. The two have known each other for more than three years, which is unsurprising given Cantor's close ties to Wall Street and its political fundraising world.

Moelis told the Journal he is hiring Cantor for his "judgment and experience" and not merely for his ties to Washington, although that will certainly help the business.

"I have no need for a political figurehead," he told the paper. "What I want is a partner."

The former majority leader will help bring in new clients and advise companies and investors on takeovers and other business deals.

Cantor was defeated in Virginia's June 10 primary in a stunning upset by economics professor Dave Brat, who had support from the tea party.

Instead of serving out the rest of his term, Cantor stepped down as majority leader at the end of July and then formally resigned his seat on Aug. 18.

  • Rebecca Kaplan

    Rebecca Kaplan is a political reporter for CBSNews.com.