Villaraigosa has been appointed strategic adviser to Banc of California Chief Executive Officer Steven Sugarman.
Villaraigosa's role will be to advise on the development of a community banking strategy for the city of L.A., according to a news release announcing the appointment. Expanding home ownership, financing entrepreneurs and small businesses, and community investment in education and service are part of the strategic vision, the company said in the statement.
"Mayor Villaraigosa generates ideas that come from decades of public service, combined with a passion for the community," said Sugarman.
"I am very excited to be taking on a leadership role with a company that engages the community in ways in which other banks have consistently fallen short," said Villaraigosa. "It's about more than lending money; it's about extending a hand and improving lives and creating good jobs."