Coronavirus takes toll on Cantor Fitzgerald forcing job cuts

The cuts are said to amount to less than 5 percent of the workforce

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Cantor Fitzgerald is breaking from the pack in an unexpected way. The financial firm is cutting jobs when other Wall Street firms vowed to keep headcounts intact during the coronavirus crisis.

The company run by Howard Lutnick plans to cut hundreds of jobs across divisions, according to Bloomberg.

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“We have made prudent headcount and cost reductions to position the firm for the uncertain macroeconomic conditions expected for the remainder of the year,” the company said in an emailed statement to Bloomberg.

In a week in which the major U.S. banks reported quarterly results, firms such as Morgan Stanley and Citigroup said they would hold off on cuts.

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Cuts have reportedly happened in Cantor’s capital markets and commercial real estate business, with others expected in coming weeks.

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Cantor’s website says it employs about 12,000 people around the world. The cuts are said to amount to less than 5 percent of the workforce.