US Commerce Secretary Howard Lutnick named his two eldest sons and three company deputies to run the core of his business group after his Senate confirmation Tuesday and resignation from Cantor Fitzgerald LP.
Lutnick, 63, tapped Brandon Lutnick as chairman of the Wall Street group, and his older brother Kyle Lutnick as executive vice chairman, according to a company statement Tuesday.
Cantor Fitzgerald’s core unit, the private brokerage and investment bank Cantor, will be run by the heads of its three businesses — Sage Kelly, Pascal Bandelier and Christian Wall — who lead investment banking, equities and fixed income, respectively, according to the statement. They have been appointed co-chief executive officers.
Lutnick’s sons, both in their 20s, will oversee the group their father has run for more than three decades. Their father was appointed to President Donald Trump’s cabinet in a vote on Tuesday and will play a key role in overseeing US trade policy and government agencies across the country.
Most recently, Brandon Lutnick worked in corporate strategy and as a trader for Cantor, and with key cryptocurrency client Tether Holdings Ltd., while Kyle Lutnick has worked in London for Knotel, part of Newmark Group Inc., alongside being a DJ. Both graduated from Stanford University.
The sons will join the executive committee of Cantor, which also includes the three co-CEOs and other top executive members of the firm.
The appointments come after Lutnick’s public brokerage BGC Group Inc. had already announced new co-CEOs to replace Lutnick. Stephen Merkel, a longtime adviser to Lutnick and Cantor’s general counsel, also becomes chairman of BGC and Newmark, which already had a separate CEO, the companies said in separate statements.
Lutnick has also said he will divest his business interests within a few months of his appointment, as agreed upon with the Office of Government Ethics.
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