This website does readability filtering of other pages. All styles, scripts, forms and ads are stripped. If you want your website excluded or have other feedback, use this form.

BBC NEWS | Americas | Cantor rebuilds after 9/11 losses

success fail Feb APR Nov 07 2007 2008 2009 60 captures 26 Feb 2008 - 17 Apr 2019 About this capture COLLECTED BY Organization: Miramonte High School Miramonte High School

Archive-It Partner Since: Mar, 2008
Organization Type: K-12 Program Schools
Organization URL:[]

These Archive-It collections were selected by Journalism students at Miramonte High School in Orinda, California. The Journalism class consists of 9th - 12th graders who are studying communications and publishing across a variety of media. Miramonte High School serves students who live in the suburban residential communities of the San Francisco Bay Area.

Collection: Education-Information This collection titled "Education-Information" by the Journalism students at Miramonte High School is a collection of sites they use to access information. These sites help them do everything from completing school assignments to getting into college to accessing the information they want on music and movies. Favorite sites to read the news, relax, as well as to make the world a better place were listed by these 9th-12th grade students as part of the K-12 Web Archiving Pilot Project. TIMESTAMPS

UK versionInternational version |About the versions Low graphics|Accessibility help One-Minute World News
News services
Your news when you want it

News Front Page Africa Americas Asia-Pacific Europe Middle East South Asia UK Business Health Science/Nature Technology Entertainment Also in the news ----------------- Video and Audio ----------------- Have Your Say In Pictures Country Profiles Special Reports RELATED BBC SITES LANGUAGES Last Updated: Monday, 4 September 2006, 12:17 GMT 13:17 UK E-mail this to a friend Printable version Cantor rebuilds after 9/11 losses

Five years on from the 11 September attacks, the BBC's former New York business correspondent Stephen Evans speaks to the head of the company hit hardest in the destruction of the World Trade Center.

Investment bank Cantor Fitzgerald was one of the largest in the world, with its headquarters on the 101st to the 105th floors of the North Tower.

When the first plane struck just as the working day started, 658 employees were killed, more than in any other organisation, including the Fire Department of the City of New York.

I went to 20 funerals a day for 35 days
Howard Lutnick, Chairman and CEO, Cantor Fitzgerald
Lutnick interview It is still in business (in Midtown, Manhattan, employing more people now in New York than it did then), but there is a lot of pain in the company.

Howard Lutnick, Cantor's chairman and chief executive, survived only because he arrived at work later than normal, having taken his son to his first day in senior school.

Howard's brother, Gary who also worked for Cantor, died (he'd phoned their sister, Edie, and she said "Thank God, you're not there", to which he replied that he was).

Tough decisions

Cantor Fitzgerald is now growing fast, and that's probably because of a tough, hard decision Howard Lutnick took immediately after the attacks: he stopped the pay of all employees, living and dead. He explained it as needing to let the bankers know that he was in control.

Whatever its business merits, it was a public relations disaster, even though Cantor and Lutnick decided on 19 September to devote a quarter of the firm's profits to the victims, something it's done ever since.

Cantor Fitzgerald was located close to the impact of the first plane

Mr Lutnick told the BBC: "Of course we weren't paying their salaries. The bank wouldn't let us pay their salaries. It's an absurd concept to pay two thirds of your staff who were just killed, their compensation and expect to be in business".

Mr Lutnick, who only narrowly escaped the collapse of the towers, is a fascinating man.

A year after 11 September, 2001 he gave interviews to the BBC in which he seemed remote, almost as though he hadn't been involved, let alone lost a brother and 658 employees and very nearly a big company.

He explains it now as having "compartmentalised" his mind, just focusing on each task as it came at him.

"I would describe it like being on a surf board on a giant wave, and that if you ever looked back, the wave would get you and maybe I wouldn't be able to function.

"So my objective during the first year was just to keep my head down and run forward because there was always something to do. The business issues were literally mayhem.

Endless funerals

"The family trauma and the family issues for so many people who'd lost their breadwinner, lost their loved one, and needed financial help, needed emotional help, needed support was just enormous.

"I went to 20 funerals a day for 35 days. So there were times I couldn't even go to my great friends' funerals. One day, my best friend's brother was being buried at the same exact time as my room mate from college's brother. So my wife went to one and I went to one."

Five years after the event that triggered a huge personal and business trauma, Mr Lutnick is a driven man: "We said we would take care of the families and that's what we did.

"We've given them over $180m. We still take care of their health care. They're still our great friends. We can't be closer to them. They're part of our life."

E-mail this to a friend Printable version
VIDEO AND AUDIO NEWS Listen to Stephen Evans' Archive Hour report

Leading commentators write about how the world has changed since 11 September

KEY STORIES US remembers day of terror Bush urges Americans to unite Intense emotions at Ground Zero In pictures: 9/11 anniversary In quotes: World leaders react Poll: UK 'losing terror war' Al-Qaeda warning marks 9/11
HAVE YOUR SAY How has the world changed? Voices of the affected Global voices
BACKGROUND In graphics: How the towers fell The four hijacks In statistics: How US changed Timeline: Al-Qaeda 9/11 report: Key findings
VIDEO AND AUDIO Archive and anniversary

SEE ALSO Cantor grieves for lost staff
14 Sep 01 |  Business
RELATED INTERNET LINKS Cantor Fitzgerald The BBC is not responsible for the content of external internet sites
TOP AMERICAS STORIES Clinton's chief strategist quits
US soldiers killed in Green Zone
French demand Betancourt release


Most popular now, in detail Most popular now, in detail
Wealth and power gap exposed in Bangkok court Cooking a frog
Italy's politics holds back much-needed growth Fatal taboo
Why 27 Nigerians die each day from illegal abortions