Connect with us

Breaking News

Financial Services Company Cantor Fitzgerald Cuts Jobs Amid Coronavirus Pandemic

Published

on

virus outbreak and stock market | Financial Services Company Cantor Fitzgerald Cuts Jobs Amid Coronavirus Pandemic | Featured

Financial services firm Cantor Fitzgerald decided to cut jobs amid the coronavirus pandemic. In contrast, other Wall Street firms vowed not to lay off employees.

Bloomberg reported that the company run by Howard Lutnick is planning to cut hundreds of jobs. The report said Lutnick is seeking “to shore up his empire, according to people with knowledge of the matter.”

“We have made prudent headcount and cost reductions to position the firm for the uncertain macroeconomic conditions expected for the remainder of the year,” the company wrote in a statement to Bloomberg.

Banks such as Morgan Stanley, Citigroup Inc., and HSBC Holdings Plc vowed to hold off on such dismissals during the pandemic to reassure employees about their income and health insurance. On the other hand, Lutnick worries about the hit from an extended economic downturn, reported Bloomberg.

Cantor Fitzgerald has gone through some challenges in the past. Airliners that struck the World Trade Center during the 9/11 attacks almost destroyed the company – killing 658 of its employees. “The brokerage was rebuilt, making it a Wall Street success story. In late 2016, Lutnick enlisted a new president, Jain, as the firm sought to expand in investment banking and prime brokerage,” said Bloomberg.

According to Cantor’s website, it employs about 12,000 people around the world. The cuts reportedly make up less than 5 percent of the workforce.

Up next:

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2022 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.