Trump nominates Lutnick for trade secretary

Donald Trump has appointed Howard Lutnick, the CEO and president of Cantor Fitzgerald, as secretary of commerce. This was announced by the US president himself on social Truth. Lutnick was in the running for the role of Treasury secretary, an appointment around which internal tensions arose within his staff.

Cantor Fitzgerald's website states, "Howard W. Lutnick is Chairman and Chief Executive Officer of Cantor Fitzgerald, L.P., one of the world's leading financial services companies, Chairman and Chief Executive Officer of the global financial brokerage and technology company BGC Group, Inc. and Chairman of Newmark Group, Inc. a leading global commercial real estate services company. Lutnick joined Cantor Fitzgerald in 1983 and quickly rose through the ranks until he was appointed CEO in 1991. Five years later he was appointed President. In 2004, Cantor Fitzgerald separated his voice brokerage business to create BGC Partners L.P. In 2008, Lutnick led the merger of BGC and eSpeed, forming BGC Partners, Inc. In 2011, BGC completed the acquisition of Newmark and subsequently invested heavily in the growth of the commercial real estate services business.

Lutnick suffered a loss following the attack on the Twin Towers on 11 September 2001, where Cantor Fitzgerald was based and lost his brother Gary along with several other employees of the company. The biography continues: "Lutnick rebuilt the company and dedicated himself to supporting the families of the Cantor Fitzgerald employees lost that day, launching the Cantor Fitzgerald Relief Fund which provided $180 million for the families of 9/11 victims over five years, as well as health coverage for 10 years. The Relief Fund is still active today and seeks to help victims of terrorism, natural disasters and other emergencies'.