New US Commerce Secretary and Ireland critic Howard Lutnick names sons as Cantor Fitzgerald successors

Billionaire businessman will step down as CEO of financial services firm, which has a significant presence in Ireland 

Howard Lutnick Photographer: Al Drago/Bloomberg

Outspoken billionaire businessman Howard Lutnick has been confirmed as Donald Trump's Commerce Secretary, becoming the US President's right-hand man in his plans for punitive tariffs and efforts to bring multinationals back to the US. 

Mr Lutnick, who was approved on a vote of 51-45, will oversee one of the largest US departments with responsibilities ranging from fisheries management to export controls.

A vocal critic of Ireland and its recent budget surplus, Mr Lutnick's confirmation is likely to shine a light on the country's dependence on multinationals as the Trump administration pushes to bring business home.

His new role means he will step down as CEO of one of the largest financial services firms in the world, Cantor Fitzgerald, which, despite his comments, also has a significant presence across Ireland.

Posting on social media late last year, Mr Luntick said it was "nonsense that Ireland of all places runs a trade surplus at our expense". "We don’t make anything here anymore — even great American cars are made in Mexico. When we end this nonsense, America will be a truly great country again. You’ll be shocked."

Cantor Fitzgerald has a major footprint in Ireland, with offices in Cork, Limerick, and Dublin. According to most recent accounts filed to the Company Registrations Office, the firm's Irish arm employs more than 170 people across the country. In 2023, it posted revenues exceeding €43m, which was up 28% on the previous year, and 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.

Tasked with implementing Mr Trump's hefty tariffs in a bid to lower the US deficit and bring back jobs, Mr Lutnick will have Ireland firmly on his radar.

The billionaire is the long-standing chief executive and chairman of global financial services giant Cantor Fitzgerald, and made a name for himself after rebuilding the firm in the wake of the September 2001 attacks on the World Trade Center, where the company was headquartered at the time and where 658 employees lost their lives. 

Now, the newly-confirmed US Commerce Secretary has named his two eldest sons and three company deputies to run the core of his business group. Brandon Lutnick was named as chairman of the Wall Street group, with his older brother Kyle Lutnick announced as executive vice chairman, according to a company statement.

Lutnick’s sons, both in their 20s, will oversee the group their father has run for three decades.

Brandon Lutnick. Bloomberg.

Most recently, Brandon worked in corporate strategy and as a trader for Cantor, and with key cryptocurrency client Tether Holdings Ltd, while Kyle Lutnick has worked in London for Knotel, part of Newmark Group alongside being a DJ under the moniker 'Kutz'. Both graduated from Stanford University.

Cantor Fitzgerald’s core unit, the private brokerage and investment bank, will be run by the heads of its three businesses — Sage Kelly, Pascal Bandelier and Christian Wall — who lead investment banking, equities and fixed income, respectively, the statement added.

Cantor Ireland has been contacted for comment.