Cantor Fitzgerald
Cantor Fitzgerald, a venerable American financial services firm, stands as a testament to resilience, having rebuilt from profound tragedy to become a global powerhouse. Once headquartered in the World Trade Center's North Tower, the firm endured unimaginable loss on September 11, 2001, but transformed its pain into a remarkable legacy of philanthropy and continued innovation. This is the story of a company that not only survived but thrived, shaping the financial landscape while never forgetting its past. Cantor Fitzgerald suffered the largest single organizational loss of life on 9/11, losing nearly two-thirds of its New York workforce, yet quickly brought its trading markets back online. Under Howard Lutnick's leadership, the firm committed an unprecedented 25% of its profits for five years and ten years of healthcare benefits to the families of its fallen employees. The firm has continued to innovate and diversify, establishing a unique philanthropic legacy through its annual Charity Day while navigating a significant leadership transition to a new generation.
AI Summary
Cantor Fitzgerald, a venerable American financial services firm, stands as a testament to resilience, having rebuilt from profound tragedy to become a global powerhouse. Once headquartered in the World Trade Center's North Tower, the firm endured unimaginable loss on September 11, 2001, but transformed its pain into a remarkable legacy of philanthropy and continued innovation. This is the story of a company that not only survived but thrived, shaping the financial landscape while never forgetting its past.
- Cantor Fitzgerald suffered the largest single organizational loss of life on 9/11, losing nearly two-thirds of its New York workforce, yet quickly brought its trading markets back online.
- Under Howard Lutnick's leadership, the firm committed an unprecedented 25% of its profits for five years and ten years of healthcare benefits to the families of its fallen employees.
- The firm has continued to innovate and diversify, establishing a unique philanthropic legacy through its annual Charity Day while navigating a significant leadership transition to a new generation.
From Founding to Financial Frontier
Our story begins in 1945, when Bernard Gerald Cantor and John Fitzgerald founded Cantor Fitzgerald as an investment bank and brokerage. From its inception, the firm set out to navigate the complex world of finance, eventually growing into a significant player on Wall Street.
Pioneering Electronic Trading
In 1965, Cantor Fitzgerald made a name for itself by specializing in "large block" sales and trading of equities for institutional clients. A truly groundbreaking moment came in 1972, when it launched the world's first electronic marketplace for US government securities. By 1983, it solidified its leadership, becoming the first to offer worldwide screen brokerage services for these critical assets, establishing a reputation for speed and efficiency.
The firm continued its technological push, and in 1999, it made its electronic bond trading platform, eSpeed, publicly traded. This move highlighted Cantor's commitment to leveraging technology for market efficiency and expanding its reach.
A New Leader Emerges
In 1991, a dynamic leader named Howard Lutnick stepped up as president and CEO. He later became Chairman of Cantor Fitzgerald, L.P., in 1996, guiding the company through unprecedented growth and, eventually, through its darkest hour.
September 11th: An Unimaginable Loss
Until 2001, Cantor Fitzgerald's global headquarters occupied the 101st through 105th floors of the North Tower of the World Trade Center. Imagine—working at the very top of the world, with panoramic views of New York City and beyond. This iconic location, however—with its breathtaking views—became the epicenter of an unimaginable tragedy.
On September 11, 2001, American Airlines Flight 11 struck the North Tower just below Cantor's offices. The impact destroyed all stairwells above the crash zone—trapping everyone in their headquarters. An alert from a Goldman Sachs server just 18 seconds after impact confirmed the trading system had gone offline, signaling the immediate catastrophe.
In mere moments, 658 Cantor Fitzgerald employees perished, alongside 46 contractors and visitors, making it the largest single loss of life for any organization—a staggering blow. This represented a tragic 68.5% of its New York workforce, including CEO Howard Lutnick's younger brother, Gary.
A Vow of Unprecedented Support
Amidst the overwhelming grief, Lutnick made an extraordinary public pledge on September 19: Cantor Fitzgerald would commit 25% of the firm's profits for the next five years, and ten years of healthcare benefits, to the families of its lost employees. This was a direct, substantial, and immediate act of corporate compassion—a beacon of hope amidst despair.
By 2006, the firm had fulfilled its promise, distributing an incredible $180 million to affected families. An additional $17 million came from a relief fund managed by Lutnick's sister, Edie, whose efforts provided crucial support during this period of immense need.
Rebuilding and Resurgence
Before the attacks, Cantor handled approximately a quarter of the multi-trillion-dollar treasury security market. Despite the devastating loss, Lutnick vowed to keep the company alive, and through the heroic efforts of its London office and remaining staff, trading markets were remarkably back online within a week—an incredible feat of determination.
The firm rebuilt its infrastructure, relocating its headquarters to Midtown Manhattan. Its journey of loss and renewal became the subject of books and documentaries, cementing its place in the annals of corporate resilience.
Legal Battles and Continued Growth
In the years following 9/11, Cantor Fitzgerald pursued civil lawsuits against parties it alleged were responsible, including Saudi Arabia and American Airlines. In December 2013, the firm settled its lawsuit against American Airlines for $135 million, alleging the airline's negligence in allowing hijackers to board Flight 11.
Beyond recovery, Cantor Fitzgerald continued to innovate and expand. In 2003, it launched a new fixed-income sales and trading group, and in 2009, Cantor Prime Services. Three years later, the Federal Reserve recognized its standing by adding Cantor Fitzgerald & Co. to its exclusive list of primary dealers—one of only 24 authorized to trade US government securities directly with the Fed.
The firm also diversified significantly into real estate, launching CCRE in 2010. Its affiliate, BGC Partners, further expanded into commercial real estate services by acquiring firms like Newmark Knight Frank. Cantor Fitzgerald also led all banks in special-purpose acquisition company (SPAC) underwriting activity in both 2018 and 2019.
A Legacy of Giving Back
The painful lessons of 9/11 forged a unique philanthropic spirit within Cantor Fitzgerald. Every year, on September 11th, Cantor Fitzgerald and its affiliate, BGC Partners, host their annual Charity Day, donating 100% of their global revenues to a multitude of charitable causes.
This remarkable tradition, initially conceived to support the families of the 9/11 victims, has since raised over $300 million for charities worldwide. It's a powerful transformation of personal tragedy into global good, ensuring that the memory of those lost serves a greater purpose.
Beyond Charity Day, the Cantor Fitzgerald Relief Fund has also provided crucial aid to communities impacted by other disasters. For instance, after Hurricane Sandy, the fund gave $10 million to affected families and 'adopted' 19 elementary schools. Similarly, $2 million was donated to families impacted by the devastating 2013 Moore tornado in Oklahoma.
Global Reach and Modern Leadership
Today, Cantor Fitzgerald, L.P. is a truly global financial services firm, with 1,600 employees across more than 30 locations worldwide. Together with its affiliates, it operates in over 60 offices in 20 countries, employing more than 12,000 individuals. The firm controls two publicly traded companies: the Newmark Group, a leading commercial real estate services provider, and BGC Group, a global brokerage company.
Transition and New Generations
In 2025, after leading the company for nearly three decades, Howard Lutnick transitioned from his role as Chairman and CEO to serve as the United States Secretary of Commerce. Control of Cantor Fitzgerald then passed to his sons, Brandon and Kyle Lutnick, as Chairpersons, while Pascal Bandelier, Sage Kelly, and Christian Wall took over as co-CEOs in February 2025.
This leadership transition marked a new chapter for the firm, which experienced a year of record profitability in 2025. However, Lutnick's public service and his family's continued connection to the company have raised questions about potential conflicts of interest, a topic of ongoing discussion in financial and political circles, especially regarding projects that benefit his family. As of August 2026, the organization also demonstrated its political influence, having spent $10 million in contributions towards the 2026 United States elections.
Article
Cantor Fitzgerald
Cantor Fitzgerald, L.P. is an American financial services firm that was founded in 1945. Cantor Fitzgerald's 1,600 employees work in more than 30 locations, including financial centers in the Americas, Europe, Asia-Pacific, and the Middle East. Together with its affiliates, Cantor Fitzgerald operates in more than 60 offices in 20 countries and has more than 12,000 employees. The firm controls two publicly traded companies: the Newmark Group and BGC Group.
Until 2001, the company's headquarters were located between the 101st and 105th floors of the North Tower of the World Trade Center in New York City, just above the impact site of American Airlines Flight 11 during the September 11 attacks. 658 Cantor Fitzgerald employees who were present that day were killed, representing the largest loss of life among any single organization in the attacks.
The company was headed by Bernie Cantor from its founding to his death in 1996. From 1996 to 2025, the company was headed by Howard Lutnick, until he took the position of United States secretary of commerce in the second Donald Trump administration. Since 2025, the company has been headed by Lutnick's sons, Brandon and Kyle, who are in their 20s. During his time in the Trump administration, Lutnick has promoted projects that benefit Cantor Fitzgerald, raising conflict of interests questions. 2025 was the firm's most profitable year in its history.
Early history
Cantor Fitzgerald
Cantor Fitzgerald was formed in 1945 by Bernard Gerald Cantor and John Fitzgerald as an investment bank and brokerage business.
In 1965, Cantor Fitzgerald began "large block" sales/trading of equities for institutional customers. It became the world's first electronic marketplace for US government securities in 1972, and in 1983 it was the first to offer worldwide screen brokerage services in US government securities, becoming in time the market's premier government securities dealer.
In 1991, Howard Lutnick was named president and CEO of Cantor Fitzgerald; he became chairman of Cantor Fitzgerald, L.P., in 1996.
In 1999 eSpeed, an electronic bond trading platform, became publicly traded.
September 11 attacks
Cantor Fitzgerald
1 World Trade Center (North Tower), the building with the antenna to the left, included the corporate headquarters of Cantor Fitzgerald.
Cantor Fitzgerald's corporate headquarters and New York City office, on the 101st to the 105th floors of 1 World Trade Center in Lower Manhattan (2 to 6 floors above the impact zone of American Airlines Flight 11), were destroyed during the September 11 attacks. At 8:46:46 a.m, six seconds after the plane struck the tower, a Goldman Sachs server issued an alert saying that its trading system had gone offline because it could not connect with the server. Since all stairwells leading past the impact zone were destroyed by the initial crash or blocked with smoke, fire, or debris, every employee who reported for work that morning located in Cantor's offices between the 101st to the 105th floors was killed in the attacks; 658 of its 960 New York employees were killed or missing, or 68.5% of its total workforce, which was considerably more than any of the other World Trade Center tenants, the New York City Police Department, the Port Authority Police Department, the New York City Fire Department, or the Department of Defense. Forty-six contractors, food service workers, and visitors in the Cantor Fitzgerald offices at the time were also killed. CEO Howard Lutnick was not present that day, but his younger brother, Gary, was among those killed. Lutnick vowed to keep the company alive, and the company was able to bring its trading markets back online within a week.
On September 19, Cantor Fitzgerald made a pledge to distribute 25% of the firm's profits for the next five years (that would otherwise have been distributed to its partners), and committed to paying for ten years of health care for the benefit of the families of its 658 former Cantor Fitzgerald, eSpeed, and TradeSpark employees. In 2006, the company had completed its promise, having paid a total of $180 million (and an additional $17 million from a relief fund run by Lutnick's sister, Edie).
Until the attacks, Cantor had handled about a quarter of the daily transactions in the multi-trillion dollar treasury security market. Cantor Fitzgerald subsequently rebuilt its infrastructure, partly through the efforts of its London office, and relocated its headquarters to Midtown Manhattan. The company's effort to regain its footing was the subject of Tom Barbash's 2003 book On Top of the World: Cantor Fitzgerald, Howard Lutnick, and 9/11: A Story of Loss and Renewal as well as a 2012 documentary, Out of the Clear Blue Sky.
On September 2, 2004, Cantor and other organizations filed a civil lawsuit against Saudi Arabia for allegedly providing money to the hijackers and al-Qaeda. It was later joined in the suit by the Port Authority of New York and New Jersey. Most of the claims against Saudi Arabia were dismissed on January 18, 2005.
In December 2013, Cantor Fitzgerald settled its lawsuit against American Airlines for $135 million. Cantor Fitzgerald had been suing for loss of property and interruption of business by alleging the airline to have been negligent by allowing hijackers to board Flight 11.
Recent history
Cantor Fitzgerald
In 2003, the firm launched its fixed-income sales and trading group. Three years later, the Federal Reserve added Cantor Fitzgerald & Co. to its list of primary dealers. The firm later launched Cantor Prime Services in 2009. It was meant to be a provider of multi-asset, perimeter brokerage prime brokerage platforms to exploit its clearing, financing, and execution capabilities. A year after, Cantor Fitzgerald began building its real estate business with the launch of CCRE. Cantor's affiliate, BGC Partners, expanded into commercial real estate services in 2011 by its purchase of Newmark Knight Frank and the assets of Grubb & Ellis, to form Newmark Grubb Knight Frank.
Cantor Fitzgerald has an active special-purpose acquisition company underwriting practice, having led all banks in SPAC underwriting activity in both 2018 and 2019.
In March 2016, Sage Kelly, formerly of Jefferies & Co., joined the firm as senior managing director and head of its investment-banking division.
Cantor Fitzgerald is one of 24 primary dealers that are authorized to trade US government securities with the Federal Reserve Bank of New York.
2025 was the company's year of record profitability. That same year, Howard Lutnick had been appointed as Commerce Secretary in the second Donald Trump administration and handed control of the company over to Brandon and Kyle Lutnick. According to Bloomberg News, the sons "bristle at suggestions that their new connections in Washington are contributing to that success." During his time in the White House as commerce secretary, Lutnick has pushed for projects and investments that benefitted his family. New York Times wrote in November 2025, "never in modern U.S. history has the office intersected so broadly and deeply with the financial interests of the commerce secretary’s own family, according to interviews with ethics lawyers and historians."
As of August 2026, the organization spent $10 million in political contributions in the 2026 United States elections.
Philanthropy
Cantor Fitzgerald
The Cantor Fitzgerald Relief Fund provided $10 million to families affected by Hurricane Sandy. Howard Lutnick and the Relief Fund "adopted" 19 elementary schools in impacted areas by distributing $1,000 prepaid debit cards to each family from the schools. A total of $10 million in funds was given to families affected by the storm.
Two days after the 2013 Moore tornado struck Moore, Oklahoma, killing 24 people and injuring hundreds, Lutnick pledged to donate $2 million to families affected by the tornado. The donation was given to families in the form of $1,000 debit cards.
Each year, on September 11, Cantor Fitzgerald and its affiliate, BGC Partners, donate 100% of their revenue to charitable causes on their annual Charity Day, which was initially established to raise money to assist the families of the Cantor employees who died in the World Trade Center attacks. Since its inception, Charity Day has raised $300 million for charities globally.
Subsidiaries and affiliates
Cantor Fitzgerald
The firm has many subsidiaries and affiliates, including:
• BGC Partners, named after fixed-income trading innovator and founder B. Gerald Cantor, is a global brokerage company that services the wholesale financial markets and commercial real estate marketplace in New York, London, and other financial centers. BGC Partners includes Newmark Grubb Knight Frank, the fourth-largest real estate service provider in the US. • Cantor Ventures is the company's corporate venture capital and enterprise development arm. Led by Henrique De Castro, the group's current investments include delivery.com, Ritani, TopLine Game Labs, AdFin, Lucera, NewsWhip, and XIX Entertainment. • Hollywood Stock Exchange, founded in 1996, is the world's virtual entertainment stock market. • TopLine Game Labs is a technology company to create short-duration fantasy sports and entertainment-based social gaming. Headquartered in Los Angeles, TopLine Game Labs was, in 2013, building a platform-agnostic architecture to power game experiences for sports.
Senior management
List of chairpersons
• Bernie Cantor (1945–1996) • Howard Lutnick (1996–2025) • Brandon Lutnick (2025–present)
List of CEOs
• Bernie Cantor (1945–1991) • Howard Lutnick (1991–2025) • Pascal Bandelier, Sage Kelly, and Christian Wall (co-CEOs) (since February 2025)