If you walked through the halls of Cantor Fitzgerald’s Midtown Manhattan headquarters a few years ago, you couldn't miss Howard Lutnick. He was the guy. The whirlwind. A man who became a symbol of Wall Street resilience after the unimaginable tragedy of 9/11. But if you walk those same halls today in early 2026, the vibe is different. The name on the door hasn't changed, but the man who defined the firm for four decades has moved on to a stage that’s arguably much bigger—and way more controversial.
Honestly, the shift has been jarring for some. Lutnick isn't just a CEO anymore. Since February 2025, he’s been the 41st United States Secretary of Commerce.
It’s a massive pivot. We’re talking about a billionaire who spent 40 years fighting in the trenches of global finance now sitting at a government desk, managing everything from weather satellites to microchip tariffs. You’ve probably seen the headlines. Some people love the idea of a "business guy" running the economy, while others are biting their nails over potential conflicts of interest.
But to understand where Howard Lutnick and Cantor Fitzgerald are going, you have to look at the messy, high-stakes way he left—and who he left the keys with.
Why Howard Lutnick Left Cantor Fitzgerald
You don’t just "quit" a company you spent your whole life building. For Lutnick, leaving Cantor Fitzgerald was a legal and ethical requirement to join the Cabinet. To get through his Senate confirmation—which was a tight 51-45 vote—he had to basically strip himself of his empire.
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He didn't just step down as CEO. He agreed to a massive divestiture plan. He’s essentially handed over the reins (and the economic benefits) to his children through various trusts.
His son, Brandon Lutnick, is now the Chairman and CEO. His other son, Kyle, is the Executive Vice Chairman. It’s a family affair now, more than ever. But make no mistake: Howard had to legally distance himself from the day-to-day profits to avoid the "insider" labels that critics were throwing at him during his hearings.
- The Big Divestiture: Howard sold his Class A shares back to the companies (BGC and Newmark).
- The Family Trust: Most of his ownership was transferred into trusts for his adult children.
- No More Paychecks: He entered into agreements to forgo all economic benefits from the Cantor group while in office.
What Most People Get Wrong About the 9/11 Story
Whenever anyone talks about Howard Lutnick and Cantor Fitzgerald, they bring up September 11, 2001. And they should. It’s one of the most brutal stories in corporate history. Cantor lost 658 people that day—nearly two-thirds of its New York staff. Howard only survived because he was taking his son to his first day of kindergarten.
But here’s what gets lost in the "hero" narrative: the industry actually tried to kill the firm off in the weeks following the attacks.
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There was no "Wall Street solidarity" for long. Competitors were circling like sharks, trying to steal Cantor’s clients while Howard was still attending 20 funerals a day. He was famously criticized for cutting off the paychecks of the deceased employees just days after the attack.
People called him heartless. You might remember the TV interviews where he was sobbing, defending the move. His argument? If he didn't stop the cash burn immediately, the company would go bankrupt, and there would be nothing left for the families. He chose to save the firm so he could pay the families later. It worked—Cantor eventually distributed over $180 million to those families—but the scar tissue from that era still defines his "win-at-all-costs" reputation.
The Cantor Empire in 2026: More Than Just Bonds
If you think Cantor Fitzgerald is just a bond brokerage, you’re living in 1995. Under Lutnick’s final years, the firm became a sprawling hydra.
Today, the "Cantor Group" is really three main pillars. First, there's the investment bank itself. Then there's BGC Group, which is a powerhouse in financial technology and electronic trading. Finally, you have Newmark, which has become one of the biggest names in commercial real estate globally.
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FMX and the Battle with the CME
One of Lutnick’s "parting gifts" before heading to Washington was the launch of FMX. This is a big deal. It’s a futures exchange designed to take on the Chicago Mercantile Exchange (CME). It’s backed by heavy hitters like Goldman Sachs and JPMorgan. It’s a classic Lutnick move: find a giant, established player, and try to disrupt their monopoly with better tech.
The Crypto Connection
Then there's the Bitcoin of it all. Lutnick has been a massive cheerleader for Tether, the stablecoin. Cantor Fitzgerald manages a huge chunk of Tether’s US Treasury portfolio. This has raised eyebrows in his new role as Commerce Secretary, especially when he’s tasked with advising on digital asset policy. Critics ask: can a guy who built a business on stablecoins be impartial?
What Happens Now? Actionable Insights
So, what does this mean for the markets and for you? Howard Lutnick’s transition from Cantor to the Department of Commerce isn't just a career change; it’s a shift in how the US handles trade.
- Watch the Tariffs: Lutnick is a "China Hawk." Expect him to use his Commerce powers to lean heavily into tariffs. He’s already been vocal about using them as a negotiating tool to bring manufacturing back to the US.
- The New Leadership: Keep a close eye on Brandon Lutnick. Succeeding a titan like Howard is a tall order. The firm’s culture is famously aggressive; we’ll see if the next generation keeps that edge or smooths it out to attract more institutional capital.
- Real Estate Recovery: Newmark is positioned for the "return to office" cycle (or the conversion of office to residential). With interest rates stabilizing in early 2026, the real estate arm of the empire could be their biggest growth engine this year.
Howard Lutnick has always been a polarizing figure. He’s the guy who cried on national TV and then went back to the office to build a multi-billion dollar machine. Now, he’s doing the same thing for the US government. Whether you like his style or not, the "Cantor way"—aggressive, resilient, and tech-forward—is currently sitting at the center of American economic policy.
Next Steps for Investors: If you’re tracking the impact of Lutnick’s policies, focus on the CHIPS Act implementation and any new export restrictions on AI hardware. Those are the levers he’s pulling right now. Also, monitor BGC Group’s (BGC) earnings reports; they’ll be the first indicator of whether the FMX exchange is actually gaining the market share Lutnick promised before he left for D.C.