Sense on Cents

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There is no doubt in my mind that we are in the early stages of significant structural changes throughout our economy and our country. How will our nation adapt to these structural changes? How long will it take for various sectors of our economy to fully appreciate this reality? The landscape on Wall Street has dramatically changed. While many financial executives would tell us it is “business as usual” and are fighting tooth and nail to pick up the pieces and return to that reality, the world of Wall Street is forever changed.

Please join me Sunday evening from 8-9 p.m. ET for NoQuarter Radio’s Sense on Cents with Larry Doyle. I am honored to have Shawn Matthews, the CEO of Cantor, Fitzgerald and Co. to discuss the past, the present, and the future for Wall Street. Cantor, Fitzgerald has a storied history on Wall Street and this firm is aggressively redefining the Wall Street landscape. Bloomberg recently wrote Cantor Plans to Hire Up to 100 for European Fixed-Income Unit:

Cantor Fitzgerald plans to hire as many as 100 staff in fixed income in Europe in the coming year as it builds high-yield and distressed-debt businesses, said Chief Executive Officer Shawn Matthews.

The closely held New York-based securities firm will approach the business “from a trading perspective,” Matthews said in an interview today. As a “longer-term goal,” Cantor plans to build a “small merchant-banking operation,” he said.

Cantor, which is organized as a partnership, is seeking to take advantage of the “disarray” that has struck larger rivals such as Morgan Stanley, Citigroup Inc.  and UBS AG amid losses and writedowns by lenders worldwide of almost $1.5 trillion, Matthews said.

What does Shaun Matthews see on the global financial landscape and why is Cantor moving so aggressively to increase its footprint?

“Our clients say they are looking for more-relevant counterparties now that the big investment banks have reduced the level of capital and their commitment to trading,” Matthews said.

Cantor, which expects to hire at least 50 people in Europe the next 12 months, is also seeking to add 25 to 30 staff in Asia, he said. The company also plans to build structured-debt, investment-grade and rates businesses outside the U.S., Matthews said.

The default rate may go as high as 25 percent “by the time the crisis is over,” Matthews said. “The world is in a bad place.”

As we move along into the Brave New World of the Uncle Sam Economy, please join me Sunday evening for what promises to be a riveting discussion with Shawn Matthews.  Please share your questions and thoughts by calling in to (347) 677-0792, and also join our live chat room, which I’ll start up about 10 minutes before the show begins. Many thanks to Larry Johnson and the rest of the team at NoQuarterUSA blog for providing such a vibrant vehicle as NoQuarter Radio. I look forward to having you join me Sunday evening as we collectively navigate the economic landscape!!

LD

This entry was posted on Saturday, July 4th, 2009 at 7:15 PM and is filed under Economy, General, No Quarter Radio. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.