Cantor Fitzgerald LP, a global financial giant has reportedly said that it will be expanding even if the economy is going down. The company will be hiring in spite of the credit downgrade. While major banks are cutting down on jobs, Cantor said that they would not be pressing any layoffs.
The New York based investment firm acquired Irish brokerage firm- Dolmen stockbrokers - for whom it is expected to hire more than 200 people, reported eFinancial careers.
"We do plan to hire a couple hundred people next year despite the downgrade," Shawn Matthews, CEO of Cantor told eFC.
"S&P believes the securities markets are unsettled, but we see opportunities to grow and diversify." he added.
Cantor currently boasts of 1600 employees which went up from 1400 last year, reported Yahoo finance.
Cantor has continuously climbed the hiring ladder as it has been diversifying into various segments. The firm had lost two thirds of its employees in the 9/11 attack, and since then it has diversified into trading units, asset management and real estate brokering business, reported eFC.
However, Cantor's hiring drive largely depends on the success of its new ventures.
"There's always a lag in hiring and the generation of revenue," said Richard Lipstein, MD at Gilbert Tweed associates to eFC.
"How quick will their recent hiring result in revenue? Will their real estate business and other units support their [brokerage] hiring?" he added.
"Cantor's immediate need is to show that the existing expansion and the purchase of Ireland's Dolmen Stockbrokers will yield greater profit quickly," said Peter Laughter, CEO of Wall Street Services.
Mathews said that the expected 200 hires will be full time workers, reported Yahoo Finance.
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