Cantor Plans Hundreds of Job Cuts in Break From Wall Street
- Reductions are deepest in the industry since virus hit U.S.
- Lutnick is worried about hit from extended economic downturn
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Cantor Fitzgerald is shrinking its workforce, breaking with firms across Wall Street that vowed not to lay off employees during a pandemic that’s unleashed the worst unemployment crisis in decades.
The private financial services firm run by Howard Lutnick plans to cut hundreds of jobs across divisions as he seeks to shore up his empire, according to people with knowledge of the matter. That would make the reductions the deepest to emerge among Wall Street’s major firms since the coronavirus outbreak in the U.S.