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President-elect Donald Trump is expected to pick Wall Street firm Cantor Fitzgerald CEO Howard Lutnick to serve as Commerce secretary, a Punchbowl reporter said in a post on X and The Hill reported on Tuesday. The 63-year-old is the chair and CEO of Cantor Fitzgerald and is also currently serving as co-chair of Trump's transition team.
Lutnick reportedly beat Scott Bessent, economic adviser on Trump's campaign, and Linda McMahon. She is a co-chair of the transition team. The Cantor Fitzgerald CEO is the president-elect's longtime ally and also a staunch supporter of cryptocurrencies. He is yet to confirm Donald Trump's nomination.
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Who Is Howard Lutnick?
Lutnick is the Chairman and CEO of Cantor Fitzgerald and BGC Partners, a brokerage company. The 63-year-old joined the former in 1983, under the mentorship of the company’s founder, Bernard Cantor. He is also a philanthropist.
9/11 Connection:
The 63-year-old lost 658 of Cantor Fitzgerald's employees, including his brother, in the September 11, 2001 attacks. He vowed to rebuild the firm and support the families of the victims, providing 25% of the company's profits and 10 years of health insurance to affected families.
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Howard Lutnick Salary:
According to AFL-CIO, Lutnick's total compensation for the fiscal year ending in 2023 was $17,044,535.
Howard Lutnick's Wife And Children:
On December 10, 1994, Lutnick married Allison Lambert, a law associate at Wilson, Elser, Moskowitz, Edelman & Dicker. They have four children – Brandon Lutnick, Casey Lutnick, Kyle Lutnick and Ryan Lutnick.