Howard Lutnick Confirmed as 41st United States Secretary of Commerce; Steps down from his positions at Cantor Fitzgerald, L.P.

Pascal Bandelier, Sage Kelly, and Christian Wall appointed Co-Chief Executive Officers of Cantor Fitzgerald & Co.

Cantor Fitzgerald's Administration will be led by Brandon Lutnick, Stephen Merkel, Danny Salinas, and Mike Whitaker 

Cantor Fitzgerald & Co. Executive Committee members are Pascal Bandelier, Sage Kelly, Brandon Lutnick, Kyle Lutnick, Stephen Merkel, Danny Salinas, Christian Wall, and Mike Whitaker

Brandon Lutnick named Chairman and Kyle Lutnick named Executive Vice Chairman of Cantor Fitzgerald, L.P., the group holding company

NEW YORK, Feb. 18, 2025 /PRNewswire/ -- Cantor Fitzgerald & Co. ("Cantor"), the premier global investment bank, today announced Howard W. Lutnick has been confirmed by the United States Senate as the 41st Secretary of Commerce. As a result, Mr. Lutnick has stepped down as Chairman and CEO of Cantor Fitzgerald, L.P., the holding company that controls Cantor, BGC Group, Inc., a leading global brokerage and financial technology company, and Newmark Group, Inc., a leading commercial real estate services company.

Mr. Lutnick led Cantor Fitzgerald for four decades and rebuilt the company after losing 658 of its 960 New York-based employees, including his brother Gary, in the terrorist attacks on September 11, 2001. The Cantor Fitzgerald group of companies now employ more than 14,000 professionals and is widely recognized as a leader in global financial and commercial real estate services.

Pascal Bandelier, Sage Kelly, and Christian Wall have been appointed Co-Chief Executive Officers of Cantor, responsible for managing all front office functions. Messrs. Bandelier, Kelly, and Wall have worked together for nearly a decade overseeing Cantor's day-to-day operations across investment banking, equities and equity research, fixed income, and prime services. Together, they delivered transformative growth, expanded the firm's capabilities and global reach, and developed innovative products and services for clients. Their in-depth expertise and vision will enable Cantor to capitalize on first-mover advantages and continue to drive the company's momentum and success.

Additionally, Brandon Lutnick has been named Chairman and Kyle Lutnick has been named Executive Vice Chairman of Cantor Fitzgerald, L.P.

Brandon Lutnick together with Stephen Merkel, Executive Vice Chairman & General Counsel, Danny Salinas, Chief Financial Officer, and Mike Whitaker, Chief Operating Officer and Chief Information Officer, will lead Cantor Fitzgerald's Administration. They will oversee the group's control and support functions, driving efficiencies across the organization, leveraging cutting edge technology, and achieving operational excellence.

Together, Messrs. Bandelier, Kelly, B. Lutnick, K. Lutnick, Merkel, Salinas, Wall, and Whitaker will represent the Cantor Executive Committee.

"Cantor Fitzgerald has an exceptional leadership team of experienced and visionary executives who have been the driving force behind the firm's tremendous success," said Howard Lutnick. "The extraordinary quality of the firm's management team allows me the wonderful opportunity to serve my country and support the people of the United States of America."

Howard Lutnick has agreed to divest his business interests in Cantor Fitzgerald, BGC Group, Inc. and Newmark Group, Inc. to comply with U.S. government ethics rules and does not expect any arrangement that involves selling shares on the open market.

BIOGRAPHIES

Pascal Bandelier is the Co-Chief Executive Officer of Cantor Fitzgerald & Co. and serves as the Global Head of Equities, responsible for overseeing execution, distribution, financing, and research. Under his leadership, the Equities business has achieved significant growth, expanded its market share, and captured new opportunities that have strengthened the firm's global presence.

Mr. Bandelier has more than 25 years of experience in global equity markets, with a proven track record of delivering exceptional solutions for clients. Prior to joining Cantor, Mr. Bandelier served as Head of Execution at Barclays and was responsible for the equities sales and trading desks.  Prior to that, he held various senior roles at Morgan Stanley and Lehman Brothers.

Sage Kelly is the Co-Chief Executive Officer of Cantor Fitzgerald & Co. and serves as the Global Head of Investment Banking, responsible for the firm's Equity Capital Markets, Debt Capital Markets, and M&A businesses. Since joining the firm in 2016, Mr. Kelly has transformed the investment banking franchise, expanding Cantor's coverage across Healthcare, Power, Renewables & Infrastructure, Technology, Digital Assets, Industrials, Metals & Mining, Financial Institutions and Real Estate sectors.      

With three decades of investment banking experience, Mr. Kelly is a proven leader in the industry, providing strategic guidance and executing transformative deals. Prior to joining Cantor, he served as the Head of Healthcare Investment Banking at Jefferies for six years. Before that, he held senior roles at UBS and Citibank. Mr. Kelly also spent three years working in the biotechnology industry for Genetics Institute.

Brandon Lutnick is the Chairman of Cantor Fitzgerald, L.P. and is a member of the Board of Directors of BGC Group, Inc.

Most recently, Mr. Lutnick worked as an Executive at Cantor Fitzgerald, driving the firm's corporate strategy and overseeing projects related to the company and its affiliates. He also serves as the Chairman and Chief Executive Officer for Cantor Fitzgerald's Special Purpose Acquisition Companies, including Cantor Equity Partners, Inc. and Cantor Equity Partners I, Inc.

Mr. Lutnick joined Cantor in 2022 in equity sales and trading. He began his career as a credit analyst at Oak Hill Advisors.

Mr. Lutnick graduated with a Bachelor of Science in Symbolic Systems from Stanford University. 

Kyle Lutnick is Executive Vice Chairman of Cantor Fitzgerald, L.P. and a member of the Board of Directors for Newmark Group, Inc.

Most recently Mr. Lutnick served as Global Managing Director of Knotel, Inc., Newmark's flexible office and workspace business. Prior to that, he was Knotel's General Manager of UK & EMEA and Vice President of Business Development. Before joining Knotel, Mr. Lutnick was a member of Newmark's market-leading retail advisory team, where he advised clients in New York City, one of the most dynamic commercial markets in the world.

Mr. Lutnick graduated with a Bachelor of Arts in Psychology from Stanford University. 

Stephen Merkel is Executive Vice Chairman, Executive Managing Director, and General Counsel for Cantor Fitzgerald, L.P., responsible for overseeing legal and compliance functions globally.

Prior to joining Cantor Fitzgerald in 1993, Mr. Merkel was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division. Before that, he was an associate with the law firm of Paul, Weiss, Rifkind, Wharton & Garrison. He also served as a law clerk for the Honorable Irving R. Kaufman of the U.S. Court of Appeals for the Second Circuit. Mr. Merkel received a Bachelor's degree with a major in History and Sociology of Science from the University of Pennsylvania and received his law degree from the University of Michigan Law School.

Mr. Merkel is currently on the Board of Trustees for the Brooklyn Botanic Garden and on the Board of Directors of the Brooklyn Bridge Park Corporation. He was a founding member of the Wholesale Markets Brokers' Association for the Americas.

Danny Salinas is a Senior Managing Director and Chief Financial Officer of Cantor Fitzgerald L.P. As CFO, Mr. Salinas is responsible for financial operations, including accounting, finance, regulatory reporting, treasury, financial planning and analysis, as well as taxation, risk management, investor relations and corporate services.

Prior to joining Cantor, Mr. Salinas held various executive positions at TD Bank Group, most recently as Chief Financial Officer for TD Securities. He also practiced as a tax attorney at Simpson, Thacher & Bartlett, where he advised on strategic corporate transactions. Mr. Salinas began his career at Deloitte & Touche, where he received his CPA.

He earned a Juris Doctor from Georgetown University and a Bachelor of Science in Accounting from Rutgers University.

Christian Wall is the Co-Chief Executive Officer of Cantor Fitzgerald & Co. and serves as the Global Head of Fixed Income, responsible for overseeing the firm's Structured Products Group, Primary Dealer, Rates business, Fixed Income Financing, and Credit businesses. He joined Cantor in 2017 as the Head of the Structured Products Group ("SPG") and a member of the Fixed Income Operating Committee, where he managed the sales, trading, and banking teams across the SPG platform.

Prior to joining Cantor, Mr. Wall spent seven years as a Managing Director in Non-Agency trading at Credit Suisse, which was the number one ranked Non-Agency trading business in the US at the time. Prior to that, he worked at Barclays, Deutsche Bank, and UBS, trading various Agency-backed and Non-Agency mortgage products.

Mike Whitaker is the Chief Operating Officer and Chief Information Officer of Cantor Fitzgerald, L.P., responsible for developing and implementing the company's global technology strategy, Operations, Human Resources, Communications, and Marketing functions.

Mr. Whitaker brings more than 40 years' experience in financial services and technology. He joined Cantor Fitzgerald in 2024 from Citi, where he spent 15 years in senior technology management roles and rose to become the firm's Head of Operations & Technology and a member of the Executive Management Team.

Prior to joining Citi, Mr. Whitaker worked at Deutsche Bank and Barclays Capital, where his responsibilities included CIO for Global Fixed Income, Global Equities & Prime Finance, eCommerce, and Algorithmic trading functions.

Mr. Whitaker holds a Master of Science degree in financial markets and derivatives from City, University of London.

About Cantor Fitzgerald, L.P. 

Cantor Fitzgerald, with more than 14,000 employees, is a leading global financial services and real estate services holding company and a proven and resilient leader for more than 79 years. Its diverse group of global companies provides a wide range of products and services, including investment banking, asset and investment management, capital markets, prime services, research, digital assets, data, financial and commodities brokerage, trade execution, clearing, settlement, advisory, financial technology, custodial, commercial real estate advisory and servicing, and more. 

SOURCE Cantor Fitzgerald & Co.