Wall Street investment bank Lazard hired former U.S. Rep. Patrick McHenry as a senior adviser, three months after the Lincoln County resident left Congress, the Wall Street Journal reported.
McHenry was a Republican congressman for two decades. He was considered perhaps North Carolina’s most influential congressman because of his role as chair of the House Financial Services Committee since 2023. Former House Speaker John Boehner predicted McHenry would be the House Speaker someday.
Instead, he’s chosen the more lucrative world of finance. McHenry will help Lazard clients “navigate the rapidly changing political and regulatory landscape under the Trump administration,” executives told the Journal.
Lazard CEO Peter Orszag is the former director of the Office of Management and Budget during the Obama Administration, earning about $250,000 a year. Last year, he received $15 million at Lazard.
Lazard is a boutique investment bank that competes against industry giants such as Goldman Sachs and Bank of America. Dealmaking has slowed in recent weeks because of uncertainty around the Trump administration’s unconventional trade policies.
Since leaving Congress, he has been advising the Andreessen Horowitz investment firm and payments company Stripe. His wife, Giulia Cangiano, is the former chief of the Federal Communications Commission’s Office of Economics and Analytics department.
Lazard is a public company that had revenue of about $3.1 billion last year. Its market value is about $3.2 billion.