Sources revealed to Fox Business that the former president has already signed the contract with the financial services firm to appear at their company event.
Obama won't be the first former president or politician to accept large fees for speaking to business groups.
A spokesman for Obama declined to comment on the report. The 44th president will reportedly receive $400,000 for the appearance at a health care conference.
As president, Obama frequently criticized big banks and warned against what he said was a growing inequality in the country that was undermining civic life and the economic fortunes of the middle class. During his term, he blamed the "completely irresponsible actions on Wall Street" for the financial crisis.
The hypocrisy of the speaking arrangement (and six-figure payout) hasn't gone unnoticed. BBC reports that many have openly criticised Obama's decision to give the speech saying that it would undermine everything he believed in. "Yes it is", Democratic political consultant Hank Sheinkopf tolf the New York Post.
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However, he has come under criticism because during his Presidency, he spoke out strongly against such paid speeches at Wall Street events.
"Should we expect it?" Looking relaxed and rejuvenated at the University of Chicago, the former president discussed his future endeavors and what the next generation of leaders should focus on. The NYP has even gone on to call him the "Wall Street's newest fat cat". "If this material goes well, I'll use it at Goldman Sachs next year", he quipped at the White House Correspondents Dinner.
What's more, quite recently this month, he and previous First Lady Michelle Obama were envisioned on board music head honcho David Geffen's extravagance yacht off French Polynesia. They remain popular and left the White House with high approval ratings.
Howard Lutnick, the bank's chairman and chief executive, backed Jeb Bush, the Republican candidate defeated by Donald Trump in last year's contest, according to campaignmoney.com.
A US$400,000 speaking fee for addressing the Cantor Fitzgerald conference would be a sharp increase from the amounts typically paid to his predecessors.