Howard William Lutnick (born July 14, 1961
) is an American
billionaire
A billionaire is a person with a net worth of at least one billion (1,000,000,000, i.e., a thousand million) units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. The American busin ...
businessman, who succeeded
Bernard Gerald Cantor as the head of
Cantor Fitzgerald
Cantor Fitzgerald, L.P. is an American financial services firm that was founded in 1945. It specializes in institutional equity, fixed income sales and trading, and serving the middle market with investment banking services, prime brokerage, an ...
. Lutnick is the chairman and CEO of Cantor Fitzgerald and
BGC Partners
BGC Partners is an American global financial services company based in New York City and London. Originally formed as part of the larger Cantor Fitzgerald organization, BGC Partners became its own entity in 2004.
History
1945–1990
In 1945, ...
. After losing 658 employees, including his brother, in the
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
, Lutnick survived the
collapse of towers on the ground, and has become known for his charity efforts through the Cantor Fitzgerald Relief Fund, which helps to aid families of the attacks and natural disasters.
As of September 2018, Lutnick owns 60% of Cantor Fitzgerald, with a net worth of "at least $1.5 billion".
Early life
Howard Lutnick was born to a
Jewish
Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
family in
Jericho
Jericho ( ; ar, أريحا ; he, יְרִיחוֹ ) is a Palestinian city in the West Bank. It is located in the Jordan Valley, with the Jordan River to the east and Jerusalem to the west. It is the administrative seat of the Jericho Gove ...
,
Long Island
Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...
on July 14, 1961, the son of Solomon Lutnick, a history professor at
Queens College and Jane Lutnick, an artist.
Lutnick was the middle child of the family, whose siblings were an elder sister Edie and a younger brother Gary.
In 1978, Lutnick was a senior in high school when his mother died of
lymphoma
Lymphoma is a group of blood and lymph tumors that develop from lymphocytes (a type of white blood cell). In current usage the name usually refers to just the cancerous versions rather than all such tumours. Signs and symptoms may include enlar ...
. The following year, Lutnick entered
Haverford College
Haverford College ( ) is a private liberal arts college in Haverford, Pennsylvania. It was founded as a men's college in 1833 by members of the Religious Society of Friends (Quakers), began accepting non-Quakers in 1849, and became coeducational ...
in
Haverford, Pennsylvania
Haverford is an unincorporated community located in both Haverford Township in Delaware County, Pennsylvania, United States, and Lower Merion Township in Montgomery County, approximately west of Philadelphia. The Pennsylvania Railroad (PRR) open ...
. During his first week at school, Lutnick's father died while in a hospital being treated for colon and lung cancers.
A nurse treating Lutnick's father accidentally gave him 100 times the dose of
chemotherapy
Chemotherapy (often abbreviated to chemo and sometimes CTX or CTx) is a type of cancer treatment that uses one or more anti-cancer drugs (chemotherapeutic agents or alkylating agents) as part of a standardized chemotherapy regimen. Chemotherap ...
drugs that he was supposed to receive.
Now orphans, Lutnick and his two siblings were largely abandoned by extended family members and instead relied on themselves for support. Lutnick, then 18, was forced to hire a lawyer to settle the debt his father left behind.
The president and dean of Haverford, an institution priding itself on a
Quaker
Quakers are people who belong to a historically Protestant Christian set of Christian denomination, denominations known formally as the Religious Society of Friends. Members of these movements ("theFriends") are generally united by a belie ...
heritage, called Lutnick a week after his father's death and offered him a full scholarship for his education there.
Lutnick went on to graduate from Haverford in 1983 with a degree in
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
.
Family
On December 10, 1994, Lutnick married Allison Lambert, a law associate at
Wilson, Elser, Moskowitz, Edelman & Dicker. They have four children together, including sons Brandon and Kyle, whose first days of pre-school and kindergarten respectively fell on September 11, 2001. Lutnick was dropping his son off at his kindergarten, which caused him to be late for work, thereby saving his life.
Business career
Lutnick joined Cantor Fitzgerald in 1983, the same year he graduated from college. Early on, Lutnick developed a warm relationship with the firm's founder Bernard Cantor as his personal mentor.
In 1991, Lutnick was named President and CEO of the company, and he became Chairman in 1996.
Lutnick placed a high value on technology early on, and in 1999 made the decision to take eSpeed, an electronic trading subsidiary of Cantor Fitzgerald, public.
This electronic trading system required no brokers, and was a large part of the reason Cantor Fitzgerald was able to remain afloat when 70% of the brokers in their New York office, literally everyone who was in the office that morning, were killed in the September 11 attacks.
In 2004, Lutnick and then head of the London office
Lee M. Amaitis decided to split Cantor Fitzgerald into two separate operations. Cantor would continue handling big trades through stock and bond trading desks, while a newly formed BGC Partners would offer broker-driven trading.
This move enabled the two entities to grow independently of each other, but required Cantor to borrow $400 million in loans and go into debt for the first time as a company in order to properly fund BGC's initial growth.
In 2008, Lutnick oversaw the merger of BGC Partners and eSpeed, a deal valued at $1.3 billion.
September 11 attacks and aftermath
![USA - New York, September 11 Memorial - Flickr id 30354895843](https://upload.wikimedia.org/wikipedia/commons/7/73/USA_-_New_York%2C_September_11_Memorial_-_Flickr_id_30354895843.jpg)
At the time of the
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
, Cantor Fitzgerald's offices occupied the 101-105th floors in the
World Trade Center
World Trade Centers are sites recognized by the World Trade Centers Association.
World Trade Center may refer to:
Buildings
* List of World Trade Centers
* World Trade Center (2001–present), a building complex that includes five skyscrapers, a ...
's North Tower, just above where a
hijacked plane hit the building.
None of the employees who were in the Cantor offices that morning survived the attacks. In total, 658 of Cantor's 960 employees died that day,
including Lutnick's brother, Gary Lutnick.
Lutnick himself would have been in the office as well that morning, but on September 11 he was taking his son Kyle to his first day of kindergarten.
He tried to reach the outskirt of the towers in hope of finding any Cantor staff making it out alive but failed. He survived the collapse of South Tower by taking cover under a car nearby.
In a short time after the attacks, Lutnick made several public appearances, and quickly became one of the most iconic figures from September 11.
Because Cantor Fitzgerald lost two-thirds of its workforce, the company was in a vulnerable state, and many observers expected them to close.
Four days after the attacks, on September 15, Lutnick announced amid much controversy, that he would have to stop the paychecks of nearly 700 employees who were missing or had died.
In a televised interview with CNN's
Larry King
Larry King (born Lawrence Harvey Zeiger; November 19, 1933 – January 23, 2021) was an American television and radio host, whose awards included 2 Peabodys
The George Foster Peabody Awards (or simply Peabody Awards or the Peabodys) program ...
on September 19, Lutnick addressed the issue, saying “I lost everybody in the company… I don't have any money to pay their salaries.”
In that same interview, Lutnick went on to say that while paychecks had been stopped, families of Cantor employees who had died in the attack would receive a 25% share of future Cantor profits for five years as well as health insurance for the next ten years.
Combined, this package totaled more than $100,000 for each family.
In 2006, the firm donated $180 million to the relatives of their employees affected by the 9/11 attack.
In recent years, Lutnick has been featured in events and specials relating to September 11, including the documentary “Out of the Clear Blue Sky” by director Danielle Gardner. The movie theater version prominently featured Mount Hebron Cemetery in Queens, NY. In the DVD version a large portion of cemetery footage and storytelling has been edited out. The cemetery has a clear view of Manhattan including the World Trade Center Towers and current One World Trade Center.
Philanthropy
Cantor Fitzgerald Relief Fund
Just days after the September 11 attacks, Lutnick established the Cantor Fitzgerald Relief Fund as a non-profit organization to aid families of Cantor employees who perished in the attacks of September 11. The fund was started with a $1 million donation from Lutnick himself, and provided assistance for families of 9/11 victims from 14 different companies as well as Cantor.
Lutnick's sister Edie Lutnick, a former labor lawyer, agreed to join the charity as executive director and co-founder.
To date, the fund has given out approximately $180 million to families of Cantor employees and approximately $280 million altogether as the fund has broadened the scope of its efforts to assist victims of natural disasters and other hardships.
Global Charity Day
Each year on September 11 (or the business day closest to September 11 if that day falls on a weekend), Cantor Fitzgerald and its affiliate
BGC Partners
BGC Partners is an American global financial services company based in New York City and London. Originally formed as part of the larger Cantor Fitzgerald organization, BGC Partners became its own entity in 2004.
History
1945–1990
In 1945, ...
hold a Global Charity Day event and pledge 100 percent of the day's revenue to charity.
Since 2005, Global Charity Day events have raised approximately $113 million. Celebrities, sports stars and other notable individuals take part in the event on Cantor's and BGC's trading floors by speaking with clients throughout the day. Previous event participants have included President George W. Bush, President Bill Clinton,
Rudy Giuliani
Rudolph William Louis Giuliani (, ; born May 28, 1944) is an American politician and lawyer who served as the 107th Mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney General from 1981 to 198 ...
,
Lady Gaga
Stefani Joanne Angelina Germanotta ( ; born March 28, 1986), known professionally as Lady Gaga, is an American singer, songwriter, and actress. She is known for her image reinventions and musical versatility. Gaga began performing as a teenag ...
,
Venus Williams
Venus Ebony Starr Williams (born June 17, 1980) is an American professional tennis player. A former world No. 1 in both singles and doubles, Williams has won seven Grand Slam singles titles, five at Wimbledon and two at the US Open. She is ...
,
Eli Manning
Elisha Nelson Manning (born January 3, 1981) is a former American football quarterback who played in the National Football League (NFL) for 16 seasons with the New York Giants. A member of the Manning football dynasty, he is the youngest son o ...
,
Susan Sarandon
Susan Abigail Sarandon (; née Tomalin; born October 4, 1946) is an American actorMcCabe, Bruce"Susan Sarandon, the 'actor'" ''Boston Globe''. April 17, 1981. Retrieved January 21, 2021. and activist. She is the recipient of various accolades, ...
, and
Prince Harry
Prince Harry, Duke of Sussex, (Henry Charles Albert David; born 15 September 1984) is a member of the British royal family. He is the younger son of Charles III and his first wife Diana, Princess of Wales. He is fifth in the line of succ ...
, who holds the record for the largest single Global Charity Day trade.
Haverford College
In 2012, Lutnick was appointed to the Haverford College Board of Managers following a term of six years as a vice-chair. Lutnick endowed five student scholarships at Haverford and funded or led the efforts to fund several campus institutions:
* Cantor Fitzgerald Art Gallery
* Douglas B. Gardner '83 Integrated Athletic Center
* Gary Lutnick Tennis & Track Center
* Lutnick Library
He has donated $65 million so far.
Hurricane Sandy Relief
When
Hurricane Sandy
Hurricane Sandy (unofficially referred to as ''Superstorm Sandy'') was an extremely destructive and strong Atlantic hurricane, as well as the largest Atlantic hurricane on record as measured by diameter, with tropical-storm-force winds spann ...
hit New York and New Jersey in October 2012, Lutnick pledged $10 million to aid families who were severely affected by the storm. Cantor Fitzgerald “adopted” 19 schools in communities that were hardest-hit and distributed $1,000 debit cards to nearly 10,000 families in neighborhoods in Brooklyn, Queens, Long Island, Staten Island, and New Jersey.
Sen.
Charles Schumer
Charles Ellis Schumer ( ; born November 23, 1950) is an American politician serving as Senate Majority Leader since January 20, 2021. A member of the Democratic Party, Schumer is in his fourth Senate term, having held his seat since 1999, and ...
and other public figures appeared with Lutnick at several schools. Lutnick, with the assistance of his wife Allison, sister Edie, and team of volunteers and employees, personally distributed the debit cards to parents beginning at Public School 256 in
Far Rockaway
Far Rockaway is a neighborhood on the eastern part of the Rockaway peninsula in the New York City borough of Queens. It is the easternmost section of the Rockaways. The neighborhood extends from Beach 32nd Street east to the Nassau County line ...
.
Oklahoma Tornado Relief
After a tornado in Oklahoma killed dozens of people and caused an estimated $2 billion in damage, Lutnick appeared on
Piers Morgan Live
''Piers Morgan Live'' (formerly known as ''Piers Morgan Tonight'') was an American television talk show that was hosted by Piers Morgan and broadcast on CNN. The show premiered on January 17, 2011, and filled in the former ''Larry King Live'' ti ...
on CNN and pledged that his companies and the Cantor Relief Fund would donate $2 million to victims of the disaster.
Fundraising for Donald Trump
On May 16, 2019, Lutnick hosted a fundraiser for
Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
at his home in Manhattan, raising some $5 million, according to the President's aide.
Awards and honors
* Ranked #4 Most Important People in Commercial Real Estate Finance by Commercial Observer (2013)
*
FDNY
The New York City Fire Department, officially the Fire Department of the City of New York (FDNY), is an American department of the government of New York City that provides fire protection services, technical rescue/special operations services, ...
Foundation Humanitarian Award (2013)
* Ranked #5 Among NJBIZ's "Power 50 Real Estate” (2012)
* Worldwide Orphans Foundation honoree (2012)
* Ranked #18 on Commercial Observer's “Annual Power 100” (2012)
* New York Junior Tennis & Learning (NYJTL) Leadership Award (2011)
* Received Department of the
Navy Distinguished Public Service Award
The Navy Distinguished Public Service Award, established in 1951, is an award presented by the U.S. Secretary of the Navy to civilians for specific courageous or heroic acts or exceptionally outstanding service of substantial and long-term benef ...
, the highest Navy award for non-military personnel
* Federal Enforcement Homeland Security Foundation Honoree
* Manhattan Youth Baseball Honoree
* Starlight Children's Foundation Honoree
* Commencement Speaker at Vanderbilt University
Board memberships
*
Fisher Center for Alzheimer's Research Foundation, Vice Chairman
* Horace Mann School, Board of Trustees
* National September 11 Memorial & Museum, Board of Directors
* Haverford College, Board of Managers Co-Chair
* Intrepid Sea, Air & Space Museum, Board of Trustees Vice Chairman
* Solomon Guggenheim Museum Foundation Trustee
* Partnership for New York City Board of Directors
References
{{DEFAULTSORT:Lutnick, Howard
Businesspeople from New York (state)
People from Jericho, New York
Haverford College alumni
American financial businesspeople
20th-century American Jews
20th-century American businesspeople
21st-century American businesspeople
1961 births
Living people
American billionaires
21st-century American Jews
Cantor Fitzgerald
Survivors of the September 11 attacks