Cantor Fitzgerald: The Firm that Lost Over 650 on 9/11 Thriving Ten Years After the Attack
- Posted on September 11, 2011 at 4:42pm by
Christopher Santarelli
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No one organization experienced as great a loss of life as Cantor Fitzgerald did on September 11, 2001. The financial services firm headquartered on floors 101 through 105 of the North Tower of the World Trade Center lost 658 employees from the attack. Every single person in the office at the time that American Airlines Flight 11 crashed into floors 93 through 99 perished, and nearly one out of every four people killed in New York City that morning was a Cantor Fitzgerald employee.Whole divisions were decimated.
Howard W. Lutnick, the firm’s CEO, was dropping his son off to the first day of kindergarten on the Upper East Side on the morning of September 11. With the world watching, Lutnick and those who were still alive made a decision – the company would survive. They wouldn’t let what they had worked so hard to create crumble. And they would honor those they had lost.
Ten years later, Cantor has regained its size and then some. The company and a spinoff, BGC Partners, employ 1,500 people in New York City and have other offices in countries around the world.
Cantor, who lost his younger brother Gary in the attack, has kept its word to the families of those employees lost on 9/11 – distributing millions of dollars of the firm’s profits to them, and covering health care costs for the past 10 years.
“The best way to show someone you love them is to care for the people they love,” Lutnick said.
On the day of the attacks, Lutnick was delayed getting to the office because he had taken his son to his first day of kindergarten. Others escaped the attacks because they happened to schedule an out-of-office trip for that day, or were in the building but hadn’t yet made it up to the offices.
When the first plane hit the north tower at 8:46 a.m., it destroyed the stairwells, making it impossible for anyone above the point of impact around the 94th to 98th floors to descend. The north tower collapsed at 10:28 a.m.
Lutnick made it to the scene after the first plane hit and was there when the tower fell. He can still feel and see the horror of that day.
“It was black outside, there was no air outside, so I knew that people inside the trade center couldn’t possibly be alive,” Lutnick said recently from the company’s offices in midtown Manhattan. Along with his brother Gary, his best friend Doug Gardner, Cantor’s CFO, also died in the attack.
When the smoke cleared, the towers lay in rubble. So did parts of Cantor.
“What we had was secretaries that had lost their bosses, divisions of 86 who had only four remaining,” Lutnick said. “There were many divisions we couldn’t rebuild.”
But they returned to work, even as families and friends grieved for those who were suddenly gone, to get their systems running again.
“We were faced with that horror in every moment of our day but we had this tremendous task in front of us,” said Joseph Noviello, Cantor’s executive vice president and chief product architect, who at the time was the chief technology officer and had been scheduled to go on a daytrip on Sept 11.
“You were looking for friends, you were hoping and praying that people were just going to find their way and get in contact with you, and while that was going on we were working around the clock to bring back the systems,” he said.
They were back online in days. As Cantor’s surviving employees returned to work, it was with a new purpose.
“My goal after 9/11 was to take care of the families of the people we lost, and that was the most important thing,” Lutnick said.
That translated into a big financial commitment: 25 percent of Cantor’s profits for five years were set aside to be distributed to the families, which in the end amounted to $180 million. Their health care costs were to be covered for 10 years. And the company marked every Sept. 11 as a day for charity, a day when every dollar made would be given to good causes.
“We all had to commit to doing something different,” Lutnick said. “It changed our outlook about what was important about business.”
The attacks “just created sort of that bang of what type of human being are you right here, right now,” Lutnick said. “I didn’t think there was a choice. Either we take care of our friends‘ families or I’m not a human being.”
Of those who survived that day, only about 150 are still at the company.
But the impact of the attacks runs through Cantor, Lutnick said.
The company’s yearly commemoration goes a long way toward helping new employees understand that, he said. Every year, family members of those lost are invited to speak about their loved ones.
“Together, we celebrate their lives,” Lutnick said.
“At the end of the night, the brand-new employee? They get it,” he said. “It‘s not trying to leave the past behind but it’s not allowing the past to define you. It’s bringing the families with us and going forward together, not seeking closure but seeking friendship.”
The Associated Press contributed to this article.
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Comments (34)
s.n.
Posted on September 12, 2011 at 2:35pmVery cool….
Report Post »Taquoshi
Posted on September 12, 2011 at 1:17pmPersonally, I thought then and still believe all the money donated to the victims of 9/11 should have been given to Cantor Fitzgerald to manage. In terms of business losses, they sustained the most and they obviously know how to make money and invest wisely. All of the victim’s names and surviving family members info should have been given to them to handle because they knew what they were doing. It would have been difficult at first, but they would have managed.
Report Post »mdlwoods
Posted on September 12, 2011 at 2:33pmI completely agree. Cantor-Fitzgerald had not only a vested company interest in the families of those lost in their company, but from the very top, it had a heart and a soul that truly gave a damn. I believe that if all monies donated and earmarked for the 9-11 families and survivors had been placed with Cantor-Fitzgerald, there would never have been the problems with the familie getting the funds. I can remember on that day, seeing the heads of Cantor-Fitzgerald, literally crying on television, stating how close of a “family” their company was and how devastated they were and I saw no shallow, lip-service. I saw only men who were truly devastated, hurt to the core of their being. I saw men who became dedicated to helping the families of those they lost that day. The Cantor-Fitzgerald story is heartbreaking and when I think of 9-11, eventually in my thought process I come to Cantor-Fitzgerald. God Bless the Cantor-Fitzgerald family. There are still good, honest people in the money world.
Report Post »MrsMB2008
Posted on September 12, 2011 at 12:46pmI don’t know anything about this company, but you can tell all you need to know by those that lead what the company is about. May God bless this company and their leaders.
Report Post »mdalton_5117
Posted on September 12, 2011 at 11:59amI remember seeing him on TV right after the attack, and I could see he was deeply affected. Great story of how to respond.
Report Post »gobnait
Posted on September 12, 2011 at 11:03amImagine that: an ‘evil corporate CEO’ that has gone far, far above and beyond the call of duty to rebuild his company and the lives of his employees and their families. What liberal woulda thunk it?
Report Post »Jenny Lind
Posted on September 12, 2011 at 9:51amThis is a true business the way they should be run, without the total greed, with heart and soul. They deserve every good thing a company can have, and I pray for their triumph over that terrible day, and that nothing that this government can do will hurt them. It’s a bad time to have a business, but I’m sure God will bless them. What an example to the children growing up with their help, and the children of company employees. They are learning the right way to do business.
Report Post »SECUREOURBORDERSNOW
Posted on September 12, 2011 at 9:07amWhat an amazing uplifting story for 9/12. Real Americans take of themselves; we do NOT need the governments’ interference in every aspect of our life. Take that, you liberals who think bigger government is necessary. Get rid of this administration; anybody but Obama, 2012.
Report Post »Secret Squirrel
Posted on September 12, 2011 at 9:39am.
Report Post »You can’t stop the REAL America.
Tretka
Posted on September 12, 2011 at 12:57amWe-must-take-care-of-each-other. The ONLY job Gov should have in our country is defense-the rest we can do. Thank you Cantor Fitzgerald. This-is-what-corporate-stewardship-is.
Report Post »Contrarian51
Posted on September 12, 2011 at 12:28amI remember seeing him interviewed in the days following the attacks and, in all honesty, I was skeptical of the promises he was making. That probably wasn‘t fair as I don’t know that any of us who were watching from a distance could have any sound basis to judge the emotions of anyone who was so directly affected. Good for Mr. Lutnick, all those at Cantor Fitzgerald whose dedication and perseverance achieved these results and good for all those who had the courage and integrity to continue doing business with this firm. I can’t imagine the amount of work and ingenuity it took to rebuild a company that was so horribly decimated.
Report Post »COFemale
Posted on September 11, 2011 at 10:18pmThe fact that were able to get up and running just days after the tragedy and the employees who survived were willing to go to work just proves how great a company Cantor Fitzgerald is and has become. This is a company who knew how important it was to backup computer data in the event of a castrophe. This means their IT person was on the ball. Also the fact they set aside 25% of their profits to handle 10 years of medical bills, Maybe Congress and our President could take some lessons from Cantor Fitzgerald.
It is mind boggling to hear they lost 650 employees; that is two times the size of my previous company’s Colorado offices with only 14 floors.
Report Post »geonj
Posted on September 11, 2011 at 7:44pmthis is a pure story of corporate responsibility and love. this is what makes us great. we are a nation of charity, as this shows.
Report Post »neverending
Posted on September 11, 2011 at 7:24pmWhat an amazing great American leader he is. I recall him being ridiculed and chastized and really went through some horrific days but he did keep his word, as I always felt he would, and God has and is certainly rewarding him for his honesty, decency and commitment. So sad these are very few and far between these days. May God bless him, his family and his company.
Report Post »sissykatz
Posted on September 11, 2011 at 8:20pmGood for Them…..May God continue to bless them… They have made a remarkable recovery because so many of their people perished that day. This really is a success story and an example
of a Company doing well and being charatible because that is in their heart and not forced to do it.
May they continue to be blessed so they may bless others. What a remarkable company.What remarkable leaders.
Report Post »Large Eagle
Posted on September 11, 2011 at 8:29pmI wonder if this is where Erci gets his math sense
Report Post »God Bless them and him WOW,…….WOW……………………..WOW
TroyBray
Posted on September 11, 2011 at 6:46pmThank you Cantor-Fitzgerald.
Report Post »To the White House and other liberals: See, corporations are generous, people are generous, the world is basically good. You don’t have to extort us into helping our fellow man, just let us make the choice.
Ookspay
Posted on September 11, 2011 at 7:10pmExcellent post Troy… How true, if the government taxed us less we would have more discretionary cash to help as we see fit. And we would help those in need and be better stewards as to how the money is spent.
America is Great and is God’s last best hope for the World! God bless America!
Report Post »Chuck Stein
Posted on September 11, 2011 at 7:57pmBut, Troy, Obama and other marxists are not interested in more “good” being done (that is just the rhetoric). What they want is power. Just that simple.
Report Post »SheriS
Posted on September 11, 2011 at 6:39pmThis a company with an amazing leader! To do what they have accomplishe plus taking care of the families of the “lost” employees because they were doing their job when the hideous event happened. This is amazing in this day and age when we seem to have a throw away society to have a company do all this for the families left behind! This is an incredible story and obviously an incredible company!
Report Post »Mrarcblood
Posted on September 11, 2011 at 6:36pmWhat is scary is all the taxes this company had to pay to make that 180 million and the amount of taxes those people had to pay to get the money.( I consider the legal and accounting cost to pay least taxes as part of the tax costs) May this company be blessed and survived this President and his Fabian Socialist Czars.
Report Post »Great story to lift the spirit
DMSNC
Posted on September 11, 2011 at 6:31pmThanks to them, the families were not left unattended from the hard work of their dad/mom. Interesting to see how capitalism takes care of its own. We don’t need to be forced into welfare much to the chargrin of BHO. We can take care of our own.
Report Post »RightPolitically
Posted on September 11, 2011 at 6:30pmGod bless Cantor Fitzgerald for their generosity and sincerity in keeping its word to help those families. And to think, Obama and fellow socialists never have anything good to say about capitalists and Capitalism!
Report Post »Snowleopard {gallery of cat folks}
Posted on September 11, 2011 at 6:27pmIncredible and God bless them for the efforts and commitment they have made.
Report Post »http://artinphoenix.com/gallery/grimm (cat folk art – new ones)
patriot077
Posted on September 11, 2011 at 6:18pmWhat a heart warming story from the ashes of a horrific tragedy. Kudos to all the Cantor Fitzgerald team.
Report Post »conservativemom99
Posted on September 11, 2011 at 6:08pmheartbreaking and amazing all at the same time…excellent use of grief…
Report Post »BlackAce41
Posted on September 11, 2011 at 6:07pmThis company has moved forward. My Cousin Gregory Ernesto Rodriguez Died working for a company he loved. He lived for life and his family and for the people he worked with.
Report Post »RepubliCorp
Posted on September 11, 2011 at 5:33pmThank you *CANTOR FITZGERALD*
Report Post »vennoye
Posted on September 11, 2011 at 5:02pmRemember watching him on television right after the attacks, when he made promises to the families of the employees who were lost. So many people were sure that those promises were only empty words! Really respect him and the company for how they have carried out the promises he made!! It does not surprise me at all that Cantor Fitzgerald is thriving. The company has certainly carried out the mandate of caring for widows and orphans, among others. GOOD FOR THEM!!
Report Post »dmforman
Posted on September 11, 2011 at 5:44pmI recall the same thing, but felt sincerity in his voice and knew in my heart that he’d follow through on what he felt his commitment to be, or felt the company would go under with him trying his darnedest. He is the type of man that I hope to raise and the type of company that American’s should support.
Report Post »CrismaFire
Posted on September 11, 2011 at 4:57pmwow, what a company, yeah I see all his greed the Libs speak about. This man is more generous that all the Libs in American combined. Maybe Obozo and his cronies need to learn from great leaders like this.I wish I worked for such a company.
Report Post »loriann12
Posted on September 11, 2011 at 5:38pmThat’s because this guy gave out of love, while the libs who give are limosine liberals, and guilty-giving.
Report Post »Marci
Posted on September 11, 2011 at 4:47pmAmazing company. And yet the left would call the greedy in a heartbeat (wrongfully so) in an attempt to force their agenda.
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