Cantor CEO urges Fed to move again swiftly on rates

DAVOS, Switzerland (Reuters) - The head of Cantor Fitzgerald, one of the world's largest bond brokerages, welcomed the U.S. Federal Reserve's biggest interest rate cut in more than 20 years, but said more was needed in the coming weeks.

"(The United States) is likely in recession. The Fed's 75 basis point move, if continuously followed by other cuts, probably another 50 basis points within a month, (could help)," Chief Executive Howard Lutnick told Reuters on the sidelines of a summit of policymakers and business leaders in Davos.

"They need to try to get ahead of the psychology. The 75 basis point cut showed they wanted to try to get ahead, to jolt the market but I think it needs more medicine."

Cantor, which benefits from current market volatility, is hiring at a "dramatic" pace, Lutnick said, benefiting from job culls at many of Wall Street's top banks.

Cantor Fitzgerald was the world's largest bond market inter-dealer before the attacks of September 11, 2001, killed 658 employees at its World Trade Centre offices, wiping out two-thirds of the firm.

Cantor under Lutnick rebuilt the traditional brokerage business, which has grown rapidly since it was split off as BGC Partners in 2004.

Lutnick also confirmed on Friday that the merger of BGC and Cantor's electronic platform for bond trades, eSpeed ESPD.O, was on track for completion in the first quarter.

(Reporting by Clara Ferreira-Marques, editing by Ralph Boulton)