Cantor Fitzgerald adds debt traders as rivals shrink
NEW YORK, July 23 (Reuters) - U.S. bond brokerage Cantor Fitzgerald is hiring dozens of debt traders, expanding even as the ongoing credit crunch has the rest of Wall Street shedding jobs.
The closely held firm has added about 30 new staff this year across the range of debt markets, from mortgages and corporate debt to government agencies, Shawn Matthews, executive managing director and head of debt capital markets, told Reuters.
Cantor, best known for brokering bond trades among Wall Street dealers, four years ago formed a debt capital markets group that provides sales, trading and other services to big fund managers and other institutional investors.
Matthews said the debt trading unit could grow to 350 people, from about 200 today, and expand into markets such as Europe and Asia.
Cantor expects to expand so quickly by picking from the small army of Wall Streeters cut loose during the past year, giving it access to talent typically drawn to bigger firms during boom periods. The firm will also extend its reach beyond New York to create a more global business, he said.
"This market environment is beneficial for us building out our business. It's a once-in-a-lifetime opportunity to get access to some of the talent that's become available and is committed to working on a platform like ours," Matthews said. (Reporting by Joseph A. Giannone; Editing by Brian Moss)
