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Couple of things to know about Cantor.
1. They are very much focused on public markets. ECM (particularly SPACs), fixed-income S&T, and institutional equity are their powerhouse areas. They live and breathe public markets, and are one of the investment banks to actually raise their own SPACs. In SPACs, you have volume players like Chardan and EarlyBird, but Cantor is one of the real leaders in big-name banks on the SPAC side. If you want to do any of the things I've talked about, Cantor is an excellent place to do it, and would give the bulge-brackets a run for their money (not necessarily all of them).
2. Of all currently existing Wall St. firms, Cantor is the one that was most acutely impacted by the September 11th attacks. The attacks on the WTC wiped out over 600 people or ~68.5% of Cantor's workforce, which was a devastating blow to the firm. Cantor lost more people than any other firm or entity on that day, including the Department of Defense (Pentagon), the NY Port Authority, the NY Fire Department, and the NYPD. As an interesting note, the head of Cantor, Howard Lutnick, has remained in that position to this day and still leads the firm. The 60-year-old billionaire owns around 60% of the firm. He was not in the WTC at the time of the attack, but lost his brother at that time.
Thank you for the detailed and thoughtful response.I wonder if the culture is more like a sharp elbow style bank or less cut throat than some of the BBs or EB sweat shops. Any insight would be much appreciated.
Obligatory “I don’t work here” disclosure, but in my experience, Cantor people are more likely to be fratty and aggressive than BB. Tend to be scrappy people, not diplomats. On a scale from Sam Zell to Ken Griffin, I’d say about 3/4ths of the way to Zell. Not as aggressive as a Jefferies, but a scrappy challenger that holds its own with the BBs, particularly in public markets. Cheers
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