Lutnick to step down as CEO of Cantor Fitzgerald if confirmed as head of US Commerce Department 

Mr Lutnick has taken aim at Ireland's trade surplus, arguing it has come at the expense of the US. Meanwhile, his firm, Cantor Fitzgerald has a significant presence in Ireland, with offices in Cork, Dublin and Limerick

Howard Lutnick, chairman and chief executive officer of Cantor Fitzgerald and nominee for head of US Commerce Department. Photographer: Adam Gray/Bloomberg via Getty Images

Cantor Fitzgerald CEO Howard Lutnick, President Donald Trump’s nominee for Commerce Secretary, said he plans to sell all his assets and business interest if confirmed.

Speaking at his senate confirmation on Wednesday, the billionaire businessman said: “I will sell all of my interests, all of my business interests, all of my assets, everything."

“Upon confirmation, my business will be for sale,” he said, adding he will do so in 90 days.

A longtime friend and fundraiser of the US President, Mr Lutnick will now be tasked with implementing the hefty tariffs Mr Trump promised throughout the campaign trail, in a bid to lower the US deficit and bring back jobs. In doing so, Ireland will be clear on his radar.

A vocal critic of Ireland's last budget surplus, Mr Lutnick's appointment is likely to shine a light on the country's reliance on multinationals as the incoming administration vows to bring business back to the US.

Mr Lutnick said in the hearing that he prefers “across-the-board” tariffs and on a “country-by-country” basis, adding: "We can use tariffs to create reciprocity, fairness and respect."

Mr Lutnick is a long-time friend of Donald Trump and has backed the Republican's vision to bring manufacturing jobs back to the US and promote the adoption of cryptocurrency.

During Mr Trump's campaign, Mr Lutnick donated more than $10m (€9.25m) and $500,000 to the transition, and raised a further $75m (€71m).

Mr Lutnick is also the long-standing chief executive and chairman of global financial services giant Cantor Fitzgerald, and made a name for himself after rebuilding the firm when it suffered a major loss of lives in the 911 attacks on the World Trade Centre, where the company was headquartered at the time.

Cantor Fitzgerald has a significant presence across Ireland, with offices in Cork, Limerick and Dublin. According to most recent accounts filed to the Company Registrations Office (CRO) the firm's Irish arm employs more than 170 people across the country and in 2023, posted an operating profit of €8m.

The financial provider also holds a lucrative contract with the National Treasury Management Agency (NTMA) to sell Irish Government bonds as primary dealer.

The combative billionaire has one of the more complex financial situations among Trump cabinet nominees after a three-decade career running US and international firms.

The 63-year-old has disclosed roles in at least 800 entities, assets worth at least $806m, including 12 he valued at more than $50m, and income of at least $356m over 2023 and 2024.

While he said he’ll divest from his stakes, the future control and ownership of his firms has been subject to speculation. In an ethics agreement in November, Lutnick said he would step down from his role at Cantor Fitzgerald if confirmed.