Howard Lutnick's life is a testament to the human spirit's capacity for resilience in the face of unimaginable tragedy. As the chairman and CEO of Cantor Fitzgerald, Lutnick was thrust into the international spotlight following the devastating attacks of September 11, 2001, which claimed the lives of 658 of his employees, including his brother, Gary. His story is one of profound loss, unwavering determination, and a commitment to rebuilding not just a company, but also the lives of those affected by the tragedy.
Early Life and Career
Born in 1961, Howard Lutnick grew up in Jericho, Long Island. He attended Haverford College, where he developed a strong interest in finance. After graduating in 1983, he joined Cantor Fitzgerald, the firm founded by his friend's father, B. Gerald Cantor. Lutnick's drive and sharp business acumen quickly propelled him through the ranks. He became a partner in 1986 and CEO in 1991, succeeding B. Gerald Cantor. Under his leadership, Cantor Fitzgerald experienced significant growth, becoming a leading player in the financial services industry, particularly in the burgeoning field of electronic bond trading.
The Unthinkable Tragedy of 9/11
The morning of September 11, 2001, forever altered the course of Howard Lutnick's life and the history of Cantor Fitzgerald. The company occupied the 101st to 105th floors of the North Tower of the World Trade Center. When the first plane struck, the vast majority of Cantor Fitzgerald's employees, including Lutnick's brother, were trapped above the impact zone. Lutnick himself was not in the office that morning; he was taking his son to his first day of kindergarten.
The loss of 658 employees – two-thirds of the company's workforce – was a devastating blow, both personally and professionally. Lutnick faced immense grief and the daunting task of rebuilding a shattered company while simultaneously supporting the families of his lost colleagues.
Rebuilding Cantor Fitzgerald and Honoring the Lost
In the immediate aftermath of the attacks, Lutnick made a controversial but ultimately impactful decision to suspend salary payments to the deceased employees for several weeks while the company navigated the immediate financial crisis. This decision, made under extreme duress, drew criticism, but Lutnick argued it was necessary for the survival of the firm and the long-term support of the families. He eventually reinstated the salaries and committed 25% of Cantor Fitzgerald's profits for the next five years to the families of the victims. He also established the Cantor Fitzgerald Relief Fund, which provided financial assistance, healthcare, and educational support to the affected families.
Against all odds, Lutnick managed to rebuild Cantor Fitzgerald. His leadership, resilience, and unwavering dedication to his employees and their families were instrumental in the company's resurgence. He focused on diversifying the business and expanding into new areas, such as electronic brokerage and real estate. Through sheer determination and hard work, he brought Cantor Fitzgerald back from the brink, transforming it into a stronger, more diversified company.
Philanthropy and Legacy
Beyond rebuilding Cantor Fitzgerald, Howard Lutnick has dedicated himself to philanthropic endeavors, particularly those related to cancer research. His commitment stems from the loss of his first wife, Allison, to breast cancer. He established the Allison Lutnick Foundation, which supports cancer research and awareness programs. He also serves on the boards of various charitable organizations.
"We will never forget those we lost on 9/11. Their memory inspires us to rebuild, to give back, and to cherish every day." - Howard Lutnick
Continuing Leadership and Future Outlook
Howard Lutnick remains the chairman and CEO of Cantor Fitzgerald and BGC Partners, a spin-off company focusing on brokerage services. He continues to lead with a focus on innovation and growth, building on the legacy of resilience and determination that has defined his career. He is a prominent figure in the financial world, recognized for his business acumen and philanthropic efforts.
Conclusion
Howard Lutnick's journey is a powerful story of perseverance, leadership, and the enduring human spirit. Faced with unimaginable loss, he chose to rebuild, not only his company but also the lives of those affected by tragedy. His commitment to philanthropy and his unwavering dedication to honoring the memory of his lost colleagues have cemented his legacy as a leader who not only navigated a crisis but emerged stronger, more compassionate, and deeply committed to making a positive impact on the world.
Frequently Asked Questions about Howard Lutnick
How did Howard Lutnick rebuild Cantor Fitzgerald after 9/11?
Lutnick rebuilt Cantor Fitzgerald through a combination of decisive leadership, financial restructuring, diversification of the business, and unwavering support for the families of the victims. He secured financing, expanded into new markets, and fostered a culture of resilience within the company.
What is the Cantor Fitzgerald Relief Fund?
The Cantor Fitzgerald Relief Fund was established by Howard Lutnick to provide financial assistance, healthcare, and educational support to the families of the Cantor Fitzgerald employees who perished in the 9/11 attacks.
What other philanthropic work is Howard Lutnick involved in?
Lutnick is deeply involved in philanthropy, particularly in the area of cancer research, through the Allison Lutnick Foundation, established in memory of his first wife. He also serves on the boards of several charitable organizations.