Cantor Fitzgerald to lay off hundreds of staff

Affiliate Newmark Knight Frank’s leadership to take pay cuts and eliminate positions

TRD NATIONAL /
Apr.April 17, 2020 01:00 PM
 Cantor Fitzgerald CEO Howard Lutnick (Credit: Lutnick by Rob Kim/Getty Images)


Cantor Fitzgerald CEO Howard Lutnick (Credit: Lutnick by Rob Kim/Getty Images)

Cantor Fitzgerald is reportedly planning to make hundreds of job cuts, a move that would mark the largest reductions of any major Wall Street firm during the pandemic.

Operated by Howard Lutnick, the firm made the decision to lay off staff to secure itself in the face of the economic downturn, according to Bloomberg, which cited sources familiar with the matter.

The publication, citing those sources, said cuts to Cantor’s commercial real estate units had already taken place and more were expected across the company. Specifically, affiliate Newmark Knight Frank’s leadership was asked to take pay cuts and eliminate positions.

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

BGC Partners, a Cantor affiliate, last month cut its dividend and announced it had drawn down $230 million from a revolving credit facility.

Cantor Fitzgerald, founded in 1945, is headquartered in Midtown at 110 East 59th Street, a Jack Resnick & Sons and Ruben Companies building. Cantor has 12,000 employees worldwide and offices in more than two dozen U.S. locations, including Los Angeles, Chicago, Miami, Palm Beach Gardens and Greenwich. It has made a celebrated comeback since 658 of its employees were killed in the 9/11 attacks.

Several major banks have vowed to avoid layoffs during the pandemic, allaying fears of their staffs as record numbers of Americans file for unemployment.

A little over a year ago, Cantor Fitzgerald and Silverstein Properties announced that they were looking to raise almost $2 billion for an Opportunity Zone fund. [Bloomberg] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Macerich’s Thomas O’Hern

Mall free fall: Macerich collects just 26% of April rent payments

Mall free fall: Macerich collects just 26% of April rent payments
For top LA resi agents, it’s strictly posi vibes

For top LA resi agents, it’s strictly posi vibes

For top LA resi agents, it’s strictly posi vibes
Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
RE/MAX CEO Adam Contos (Credit: Facebook)

RE/MAX ready for “full brunt” of pandemic: CEO

RE/MAX ready for “full brunt” of pandemic: CEO
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
110 East 76th Street and Joseph Chetrit (Credit: Google Maps; Sylvain Gaboury/Patrick McMullan via Getty Images)

Joseph Chetrit sells UES townhouse for $25M

Joseph Chetrit sells UES townhouse for $25M
A Manhattan community board is pushing for Park Avenue to be closed to traffic as Mayor Bill de Blasio announces choices for “Open Streets” program (Credit: de Blasio by Bryan Thomas/Getty Images; Tayfun Coskun/Anadolu Agency via Getty Images)

Plan to pedestrianize Park Avenue floated as mayor expands street closures

Plan to pedestrianize Park Avenue floated as mayor expands street closures
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...