“Choose Another Living”: Cantor CEO Howard Lutnick Slams Junior Bankers Complaining About Long Hours
Cantor Fitzgerald’s CEO, Howard Lutnick, is pushing back on junior bankers that think they have life too tough.
Lutnick said that junior bankers complaining about long hours and stressful demands should “rethink their career choice”, according to a new Bloomberg article.
Lutnick’s comments follow 13 junior bankers at Goldman Sachs complaining about their workload earlier this year in a slide deck that was released to the public. They claimed to be working 100 hour weeks and experiencing declining physical and mental health.
The public scrutiny caused other banks to offer bonuses and rewards to retain their younger talent (and, more importantly, stave off a PR crisis).
But when interviewed on Bloomberg Thursday, Lutnick broke from the crowd, stating: “Young bankers who decide they’re working too hard — choose another living is my view. These are hard jobs.”
He continued: “There is a path to becoming an investment banker that requires an enormous amount of work including late nights and weekends. Clients want their deals finished under tight deadlines. You should know that going in.”
Lutnick also broke from the majority by stating he wanted his key employees back at their desks. The pandemic, combined with complaints from junior bankers, had led to some banks relaxing rules on working from home.
“That is our model. Front-office people are going to be working from the office and that will be a competitive advantage for the firm. Back-office staff, such as technical support, compliance and legal, can be more flexible.”
Cantor’s employees have been in the office since last summer and were given a June 1 deadline to come back to the office.