Julie Steinberg of the Wall Street Journal reports that apparently it pays to be a small fish in a big pond.
Cantor Fitzgerald, a smallish investment bank that’s private, still plans to hire 1,000 people in the next several years, said Chief Executive Officer Shawn Matthews, expanding the investment bank’s head count from 1,600. Including its affiliates such as BGC Partners, a brokerage operation, Cantor employs 8,000 people.
A combination of having smallish clients that generate revenue of less than $1 billion, being small itself with assets below $50 billion and being private and able to invest when others must pull back puts Cantor in a sunnier position than the big investment banks. During the last downturn a decade ago, the firm struggled after it lost 658 people during 9/11 when its offices on the 105th floor of One World Trade Center were destroyed.