2001年12月中旬，Cantor Fitzgerald董事长和首席执行官Howard Lutnick坐在一场临时曼哈顿办事处的会议室，并准备通过视频会议解决他的伦敦工作人员。亚慱体育appSet up in the mid-1980s, the U.K. operation numbered 700 strong, and it had by all accounts turned in a near-superhuman effort to help keep the bond brokerage firm going in the wake of the 9/11 terrorist attacks that took the lives of 658 of its 960 New York–based employees. Cantor had pulled through and had even managed to turn a substantial profit in the fourth quarter of that fateful year. The firm had also begun to deliver on a promise to provide financial relief to the families of their fallen comrades.
“It’s not that we’re going to survive,” a weary but upbeat Lutnick told his staffers at the time. “Survival was from Tuesday, September 11, to Tuesday, September 18. We’re not about surviving anymore — we’re about succeeding.”
Nearly a decade after 9/11, Lutnick’s firm has more than made good on his prediction. Not only has Cantor Fitzgerald emerged from the shadow cast by that horrific day, the firm has also fully rebooted its core Treasury brokerage and institutional equity trading operations while building out an ambitious palette of new businesses ranging from merchant banking and real estate private equity to state-of-the-art casino gaming technology and carbon emissions trading. Former employees have returned, and veterans from top Wall Street firms have found homes at Cantor, including many who were displaced by the current financial crisis. And in a development that is both symbolic and inspiring, sons and daughters of employees lost on 9/11 are now working or interning at Cantor and its sister company, interdealer brokerage firm BGC Partners, which Cantor merged with its listed electronic bond-trading platform, eSpeed, in April 2008, effectively taking BGC public.
“纪念你爱的人的最佳方式是照顾他们所爱的人，”Lutnick在最近的一次面试中告诉机构投资者。亚博赞助欧冠
Cantor是华尔街上少数剩下的私人伙伴关系之一，不会披露其利润。But its CEO’s high-profile pledge to donate 25 percent of the firm’s earnings over five years to the families of fallen employees provides a glimpse, as Cantor gave more than $180 million from 2001 to 2006, suggesting that average annual profits during that period were about $140 million. (Cantor would not comment on this estimate.)
这些天，唱名距离卢蒂尼克队9/11面前的盈利是盈利的两倍。它与BGC一起雇用了近4000名全球人士，这家公司的9/11头统计数据加倍。2008年，当许多华尔街公司 - 包括杰弗斯集团的公司，即一些分析师认为，一些分析师认为其最近的公开交易的同伴在收入和利润中遭受严重的下降，而姓名剧烈赢得了80％而不是过去一年的损失了80％实际上的所有风险证券库存实际上。根据Lutnick的情况，2007年7月，该公司在其资产负债表上有600亿美元的固定收入资产，其抵押贷款相关证券大部分。到那一年9月，该公司只需20亿美元 - 所有政府发行。
坎托特房屋的两侧都是复活的。BGC, which has pulled off a string of acquisitions and hired hundreds of brokers, is now bigger than Cantor’s original interdealer arm ever was, and Cantor Fitzgerald & Co., the firm’s capital markets franchise, has ramped up its institutional equity sales and trading activity and plunged into fixed income. In 2006 it became one of the select few primary dealers authorized to trade with the U.S. Federal Reserve Bank.
最近，这次运营也一直在招聘狂欢：在过去的八个月内，Cantor Fitzgerald＆Co.聘请了至少125人 - 并计划更多地增加100多个，因为它继续利用非凡的脱位证券市场。
“We’re hiring the most talented, experienced people anywhere and giving them the entrepreneurial freedom to run their businesses,” says Shawn Matthews, CEO of the division.
Cantor’s overarching goal is to create all of the business lines that one could have found at the full-service Wall Street partnerships of yesteryear, such as equity research, many types of debt capital markets, leveraged finance and even investment banking, built around Cantor’s core competency of sales and trading. In July the firm even announced that it was entering the prime brokerage space long dominated by the big banks.
“We’re in the process of becoming the type of firm that disappeared when Wall Street rolled up all those middle-tier firms into a half-dozen giant firms,” explains Matthews. “We’ve seen how that’s worked out for everyone,” he adds wryly.
华尔街已注意到。“Looking back eight years ago, it’s difficult to imagine that Cantor’s interdealer business could have come all the way back to being one of the top five in the world, yet here they are,” says Daniel Harris, a Goldman, Sachs & Co. market structure sector analyst who covers BGC.
Lutnick和他的顶级管理人员培养了一个创业精神，并鼓励他们的中尉雇用朋友和家人。这一直是唱名的方式 - 它有助于使公司成为一个独特的华尔街机构。
“This can be a tough business, and there can be long hours,” explains Lutnick. “So why not surround yourself with friends, family members, people who you genuinely want to be around? I tell people, ‘Let’s make money, and let’s have fun doing it.’”
这是一位前对冲基金经理所致的，四年前加入该公司作为抵押贷款支持证券交易员并迅速通过排名迅速上涨。“从我到达的那一天，我觉得这是你想要留在你休息的地方的类型，”他说。“这对我来说非常重要。”
然而,对于一些员工,在康托尔可以工作summon complex emotions. A case in point is Tom Shea, whose brothers Joe and Dan were Cantor executives who perished on 9/11. Shea, 53, joined the firm a year ago after more than two decades on Wall Street, most recently working as a mortgage-backed-securities salesman at Bear Stearns Cos. at the time that firm all but went belly-up.
“我不一定加入Cantor继续进行家庭传统，”谢伊解释道。“我加入了因为霍华德和肖恩都认真地汇集了一个高质量的债务资本市场运作。”
尽管如此，谢伊仍然想知道他是否可以处理一家名字与他家庭悲惨损失代名的公司工作。“我想到了它，实现这不是一种情感的负担，”他说。“这是一个有机会继续我兄弟的遗产，他们都喜欢在这里工作，并以专业和积极的方式对组织产生影响。”
9/11早上在Lutnick下降了他的老年人，凯尔，在曼哈顿上东部的赫拉斯曼学校幼儿园的第一天，世界贸易中心袭击的报道开始击中电视。Lutnick在折叠之前，乘车去了第一塔的入口。在2003年由Tom Barbash预订，位于世界之巅：Cantor Fitzgerald，Howard Lutnick，＆9/11：Lutnick在他走在恍惚状态时，Lutnick描述了他的心态，以烟灰地走了灰。他所建造的一切，他所知道的很多人，包括他的弟弟，加里，一个唱歌的伙伴都走了。“我会把我的家人搬到蒙大拿并弄清楚那里的新生活，”他想。
但不知何故，到了一天中，首席执行官已经解决了坚定不移。伦敦办事处是游戏，以便采取任何可能发生的东西 - 随着那一天，它出现了几个关键人物，包括普通律师斯蒂芬·默克尔，奥·汤姆特罗罗和首席技术官Joe Noviello，乔伊诺伊州乔伊·默克尔（Joe Noviello）是的。命运介入：默克尔推迟了那天早上开始上班，因为他停下来询问健身房会员资格。当塔下降时，Trillo仍在开车去上班。Noviello在钓鱼之旅。
From the start, Cantor worked to rebuild for the sake of fallen colleagues’ families. “That’s the only thing that got us through,” says Lutnick. “The whole mission revolved 100 percent around them.”
即便如此，他意识到生存，克兰特将不得不茁壮成长。“我从一开始就知道，我们无法让这个地方只是为了保持它的缘故，”Lutnick说。“我们必须真的，非常成功。因为想一想：我们有658个家庭照顾。“
Some chroniclers have linked Cantor’s resilience in the wake of the attacks to its eSpeed platform, but it was two other assets that in fact enabled the firm to carry on in the face of what seemed like certain extinction: the London office, headed up at the time by Lee Amaitis and a key lieutenant, Shaun Lynn, and the U.S.-based institutional equity business, which was run by Phil Marber, who retired from Cantor earlier this year.
London wasn’t just key to the survival of the firm — London was the firm, at least in terms of its core interdealer brokerage business. With the U.S. bond markets set to reopen on Thursday, September 13, London staffers assumed the various roles and jobs of their missing colleagues — at the time, many still hoped that some would be found alive — and set about untangling a seemingly endless chain of logistical knots. The firm had already executed a few thousand trades worth billions of dollars in the brief time preceding the terrorist attack that Tuesday morning. In less than 24 hours, the London office built a functional Treasury clearing system to support eSpeed.
回到纽约的机构股权业务令人惊讶的是快速跑步 - 它几乎立即开始踢出大量的收入。该公司的剩家现在在不同地点运营，员工在新泽西州Rochelle公园的灾难恢复空间中聚集在灾难恢复空间中;在Lutnick的上东侧公寓;在Darien，康涅狄格州，销售办公室;在Cantor律师事务所，摩根，刘易斯＆Bockius的会议室。位于中央公园附近的Pierre Hotel酒店设有危机中心。金融媒体公司彭博会借出的空间，并坚定了瑞银公园大道办公室的未使用的交易楼。马上，坎特开始招聘。
星期四，9月13日，一个前雇员，曾在2001年春天留下了Cantor的Heidi Olson，回来了上班。“我知道人们聚集在这些临时宿舍，我刚刚出现，”奥尔森说，在她在那里的六年任期期间，在该公司佩戴了许多帽子，包括帮助推出截止。她现在担任机构股权业务的首席行政官员。“我们都疯狂地悲伤，但与此同时，有很多事情要弄清楚并处理，你只是想做你的力量来帮助。”
Many head traders and portfolio managers on the buy side of the business considered their counterparts at Cantor as friends and wanted to help in any way they could too, which was another big factor in helping to save the firm. Indeed, when the equity markets reopened on Monday, September 17, Cantor was deluged with so many trades that the firm’s still-fragile infrastructure was nearly overwhelmed. After making it through that first week, Cantor clearly had a fighting chance.
Slowly, the firm began to ramp up its interdealer brokerage business. That effort was led by Daniel LaVecchia, who had built out Cantor’s foreign exchange desk in London and was stationed there when the Twin Towers fell. After returning to New York in 2002, he began aggressively recruiting new brokers. One of his earliest hires was Billy Clark, who had signed on to work on the currency options desk before 9/11 but whose start date was later in the fall of 2001. Everyone already working on that desk was killed.
“I remember calling him up and asking, ‘Are you still coming?’” recalls LaVecchia. “And he says, ‘Yeah, I’m still coming.’ I told him, ‘Well, I know I didn’t hire you to be the boss, but guess what? You’re the boss.’”
经过the first anniversary of the attacks on the World Trade Center, Cantor had made great strides in rebuilding its front and back offices and was delivering on its pledge to provide the families of colleagues who had been killed with 25 percent of the firm’s profits for five years and health care assistance for ten years. The company also established 9/11 as a charity day, with all trading revenue earned that day earmarked for nonprofit organizations. The first charity day raised more than $5 million.
“这是渐进的，但到了2003年底，无论如何，他们开始恢复正常 - 或靠近它，”召回拉维希亚，他说他在最终工作了20小时的时间，仅由肾上腺素加油，欲望提供他已故朋友的家庭。
Adds Lutnick: “I’d say after about two years we had rebuilt the car. And so at that point it was time to take it for a ride and see what it could do.”
In London, Cantor’s interdealer business, run by Amaitis and Lynn, was not only thriving, it was once again challenging competitors like ICAP, also based in London, and New York–based GFI Group for dominance. But that business and the other side of the house, sales and trading in fixed income and equities, which in the old days were under one roof, were now spread out and competing for resources and Lutnick’s support.
2004年，Amaitis和Lynn接近Lutnick关于雕刻雕刻，然后何时成为基于伦敦的interdealer业务。Lutnick和他的同事同意通过在今年8月播放Interdualer行动的贡献，并根据Cantor联合创始人Bernard Gerald的首字母，在新的商业中留下了一定数量的股权颂歌。该公司从未承担过大的债务，但在2005年初，Cantor借了约3.8亿美元 - “你可能会记得这是借钱的一个很好的时光，”Lutnick指出 - 而BGC合作伙伴出生。
几乎立即，BGC开始捕捉更小的竞争对手。2005年5月，它收购了Maxcor金融集团，Interdealer经纪欧洲经纪人的父母，该欧元经纪人在9月11日南塔，失去了60人。
The message had been sent: BGC meant business. Several more acquisitions followed between the fall of 2006 and this summer, among them Aurel Leven Securities in France, Marex Financial’s derivatives business and, most recently, Liquidez DTVM in Brazil.
大约在同一时间,BGC被创建,Cantor landed a talented mortgage-backed-securities trader, Shawn Matthews. A savvy finance pro, yet easygoing and quick with a laugh, Matthews, now 42, started trading bonds in the early 1990s as a clerk for investment bank Wertheim Schroder & Co. Before long he was trading the firm’s own capital. Soon he hired a clerk to work for him but eventually left to co-found a global macro hedge fund, Alchemist Capital Management. After leaving the fund, Matthews joined Cantor to handle the trading of new mortgage-backed securities. In 2006 he was promoted to head up the desk, and a year later he was running all of fixed income.
“Shawn is the spirit of both the new Cantor and the old,” says Lutnick. “He gives his people the room they need to run their businesses, but he’s also right there in the trenches with his sleeves rolled up.”
Cantor had by then come fully back. The firm’s five-year donation of 25 percent of profits had surpassed expectations. And both Cantor and BGC have raised tens of millions of additional dollars for a variety of causes through their annual 9/11 Charity Day: With celebrities and professional athletes lending a hand on BGC’s trading desks, all commission revenues are donated to a wide range of nonprofits around the world. Last year alone the event raised $7 million.
For a host of reasons — a vacation, an early client meeting, a child’s first day of school — about 300 of Cantor Fitzgerald’s New York employees were not in their offices on the top floors of One World Trade Center when the first plane struck the Twin Towers. One Cantor employee, David Kravette, had gone down to the lobby to collect a visitor at about 8:40 a.m.
“I continue to be amazed at our comeback,” says the 48-year-old, who after 9/11 switched from helping to run eSpeed to working as a rank-and-file equity sales trader. The whole culture of closeness that the firm had before tragedy struck — hiring brothers and buddies — has been recreated.
“Honestly, I never thought I’d see that again,” continues Kravette, who has been friends with Lutnick since junior high school and is part of a group of roughly 150 New York employees who were at the firm pre-9/11 and still work at either Cantor or BGC. The company has moved on to a new chapter without sacrificing its distinctive culture.
Cantor’s chief executive credits the firm’s rebound to human talent: “We’ve brought in incredible people,” asserts Lutnick.
Camaraderie交给哥伦的交易楼层，嗡嗡声是强烈但友好的。该公司的一个明显的生活方面是资历的概念和仪式几乎没有结果。只有几年的经验，销售人员通过带来业务的帮助与团队有关的是，与拥有20年的雨制造的人就是如此。CEO Matthews, for example, sits in a glassed-off office adjacent to the fixed-income trading floor located on East 59th Street — not around the corner in the firm’s Park Avenue executive suite — and spends as much time on the floor as in his office. Traders and salesmen are free to pop in as they please. Many employees golf together on weekends.
“人们真正关心彼此，”奥尔森说，这位前任公司在9/11后两天重新加入该公司。“当你22岁时，你在上班后与你的同事们闲逛，但是当你结婚时应该停下来停止，并有孩子并搬到郊区。不在这里。我们是一个家庭。“
大约两年前，哥伦文化的这个方面采取了新的含义：在9/11丧生的员工的孩子们开始为公司工作亚慱体育app怎么下载。他们将帖子作为实习生和入门级职员。一个人在股票桌上工作。另一个在BGC仍然在高中努力。所有这些都被觉得为一个独特的行业被普及不知道温暖的拥抱而被接受。
虽然降压停在Lutnick，但官方的一个异常紧密的结构的结果是对业务的持续积极和开放的交流。这是在2007年春天的春天在信贷危机开始时收回的，当时Lutnick经常发现自己与马修斯讨论恶化的经济形势，他理解抵押贷款市场以及街上的任何人。
他们一起到达了一个严峻的结论，随着危机的加剧，改变了颂歌的比赛：该公司的整个遗产抵押证券库存必须取下书籍。到那一年的秋季，克兰特已经摆脱了所有这些资产，并且偿还了大部分债务，将其重点转移到帮助客户在所有时间最动荡的市场中执行交易。作为Bear Stearns等公司，雷曼兄弟控股和Merrill Lynch＆Co.陷入困境，Cantor挑选了市场份额。
“除了非常有选择的情况外，我们没有交易自己的钱，只是为了促进客户订单，”Lutnick说明。“所以客户知道他们可以与我们交易并公平对待。”
例如，几年前，Vanguard集团并没有与Cantor进行太多交易。但这很快就改变了。Cantor“今年年底迈出了今年年初，当我们几乎没有流动性时，”共同基金公司的投资级企业债券联合主管，在互动管理的固定资金筹集约1000亿美元的情况下，Greg Nassour收入资产。“这在我们对Cantor的交易金额中出现了。”向前发展，他补充道，“我看到与公司交易更多。”
虽然危机创造了雇用顶级人才的一生终生机会，但并非所有克兰特的新增含量都被堕落的银行取代。Matthews最近聘请了高盛商人Marty Teevan展望了高收益率和苦恼的债务。Teevan又在船上带来了超过25人。
So how did Cantor get a Goldman employee to jump ship? Teevan, now 40, is the clerk that Matthews hired back in the day at Wertheim. They stayed in touch through the years after Matthews gave him his start. More than anything, though, Cantor offered Teevan a chance to build his own business, run it his way and earn a clear-cut percentage of the profits.
“克兰人以其人民的质量而闻名，”他说。“我们正在销售，贸易和研究中带来了极好的人才。”
在真正的哥伦士时尚，Teevan - 谁在高盛在乌斯队工作 - 最近聘请了一位名叫凯莉·罗宾逊的推销员前同事们，这是一个凯莉·罗宾逊，他是Teevan的婚礼的一个艺术家，是他的一个孩子的教父。
It’s a mantra that Cantor has always followed: Hire people you know and love. On 9/11 this tradition exacted an excruciating price. But in the aftermath it helps explain exactly how the firm has been able to carry on, and why, against all odds, Cantor is on top of the world again.