LOS ANGELES (CBSLA.com) — Former Los Angeles Mayor Antonio Villaraigosa announced Wednesday his first job in the private sector since leaving office in July.

The Banc of California, Inc. said Villaraigosa will become the company’s new Strategic Advisor to its Chief Executive Officer, Steven Sugarman.

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The former city leader will “advise on the development of a community banking strategy focused on expanding home ownership, financing entrepreneurs and small businesses, and investing in communities through education and service,” the company said in a statement.

“Mayor Villaraigosa brings his common sense approach to delivering real solutions to a bank that shares his priorities of growing opportunities for people to buy their own homes, start their own businesses, fund their children’s education, take control of their own finances and achieve the California dream,” the statement continued.

Villaraigosa, who was mayor of Los Angeles for eight years, will work part-time for the company.

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“He spent his public service life developing the solutions for the small business owner, for the home owner and so there’s no better person to understand those needs,” Sugarman told KNX 1070.

Villaraigosa’s new salary was not disclosed.

The ex-mayor said in mid-June that he wants to run for governor of California, but did not express when he planned to do so.

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