While Obama is taking heat from both Republicans and Democrats for the decision, he is hardly the first former president to take on lucrative speaking engagements.
Barstool Sports noted that Obama's $400,000 payout is double of former presidential candidate Hillary Clinton.
Are you surprised to learn that Barack Obama agreed to deliver a Wall Street speech for $400,000?
Obama won't be the first former president or politician to accept large fees for speaking to business groups.
Former President Bill Clinton raked in $200, 000 per speech while former President George W. Bush is reportedly worth $100, 000 to $175, 000 per appearance, according to The New York Times. He pointed that Obama attacked Wall Street, but was now being fed by those who he once called fat cats.
Amid Mr Obama's two terms as United States president he now and again appeared to have stressed relations with the money related part.
While it is believed the former president has signed a contract for the speech in NY already, the firm is yet to make a formal announcement as it is in the process of coordinating with Obama.
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The move is a surprising one for Obama, who was a frequent critic of big banks and who pushed for the Dodd-Frank Wall Street regulations.
Mr Obama gives off an impression of being getting a charge out of life after the White House since he exited office in January.
Photographs of the former president enjoying kite-surfing with Virgin founder Richard Branson off the billionaire's private Caribbean island emerged in February.
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. Also on the yacht were stars including musician Bruce Springsteen and actor Tom Hanks.
They are expected to receive $65m for the deal.