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President-elect Donald Trump has picked Howard Lutnick, a longtime friend and chief executive of the financial services firm Cantor Fitzgerald, as his nominee for Commerce secretary, according to three sources familiar with the decision.
The billionaire is a well-known figure on Wall Street who has been co-leading Trump’s transition operation over the past several months, taking the lead on vetting candidates to fill top jobs across the administration — with an emphasis on loyalty and business experience. Lutnick also was a major financial backer of Trump’s candidacy, donating and raising tens of millions of dollars during the campaign.
Lutnick, 63, had been in the running to be Treasury secretary, but the president-elect soured on him due to infighting between Lutnick and other prominent candidates for the job – particularly financier Scott Bessent.
He rose to prominence when he rebuilt Cantor Fitzgerald after the Sept. 11, 2001, terrorist attacks that killed 658 of the company’s employees, including his brother.
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