How Howard Lutnick Is Growing Cantor and BGC

The financial crisis has been good to Cantor Fitzgerald CEO Howard W. Lutnick. He has opened new offices in Sao Paulo, Moscow, and Beijing. And he says he is determined to push Cantor beyond its traditional stronghold of bond brokering and make good on his long-standing ambitions to turn it into a f...

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Bibliographic Details
Published in:Bloomberg businessweek (Online) 2010-10, p.1
Main Authors: Brady, Diane, Harrington, Shannon
Format: Magazinearticle
Language:English
Subjects:
Acquisitions & mergers
Business growth
Chief executive officers
Initial public offerings
Investment bankers
Lutnick, Howard
Online Access:Get full text
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Summary:The financial crisis has been good to Cantor Fitzgerald CEO Howard W. Lutnick. He has opened new offices in Sao Paulo, Moscow, and Beijing. And he says he is determined to push Cantor beyond its traditional stronghold of bond brokering and make good on his long-standing ambitions to turn it into a full-service investment bank. Although it is hard to measure the success of his efforts so far, Lutnick says that if all goes well, he would like to take Cantor public within the next two years. Meanwhile, BGC Partner's profits rose 44.7 % last quarter, to $46.5 million, on a 14.4% increase in revenues, to $336 million. The company, which has grown by opening new offices and acquiring smaller rivals around the world, trades about $720 billion of US Treasuries, swaps, and other products daily. Having fought aggressively to recapture what was lost after Sep 11, Lutnick is not about to pass up opportunities to grow.
ISSN:0007-7135
2162-657X