Cantor expands debt markets business

In Hungary

While most Wall Street firms responded to the current credit crunch by cutting hundreds of fixed-income jobs, Cantor Fitzgerald LP Chief Executive Howard Lutnick told Reuters on Monday his firm is hiring debt salesmen and traders.

Cantor, one of the world’s largest bond brokerages, has been bulking up a debt trading business that currently has about 200 professionals. The closely held firm has been adding about five new sales and trading staff a week, Lutnick said at the Reuters Finance Summit in New York.

„We are looking for specialized people, people who have relationships with customers. We are hiring about five a week, so we are more popular now than most (firms),” he said. Last week, for example, Cantor hired Dean Schultz of RBC Dain Rauscher for its fixed-income sales and trading team. As part of the news announcement, Cantor’s credit sales head, Larry Haag, posted his phone number and encouraged traders to contact him.

A meltdown in mortgage markets over the summer has triggered a broader credit crunch that has slashed the value of asset-backed bonds, collateralized debt obligations and corporate buyout loans. The crunch has slowed the underwriting and trading of many kinds of debt. By the same token, it is also creating opportunities. (The full text at Reuters)


November PMI Indicates Slower Manufacturing Sector Expansion Analysis

November PMI Indicates Slower Manufacturing Sector Expansion

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Graphisoft Park EGM Clears Shares to Trade in Euros Office Market

Graphisoft Park EGM Clears Shares to Trade in Euros

Hard Rock Hotel Opens 'Star Chalet' for Winter Season Hotels

Hard Rock Hotel Opens 'Star Chalet' for Winter Season


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.