By Janet H. Cho

Howard Lutnick, the billionaire chairman and CEO of Wall Street firm Cantor Fitzgerald, is potentially a candidate to be named Treasury Secretary under the president-elect's administration, at least according to betting markets.

Lutnick, who donated to Donald Trump's campaign and is co-chair of the Trump transition team, is said to be pushing for the job as the former president evaluates possible members of his next administration, according to media reports.

Scott Bessent, the billionaire hedge fund manager and CEO of Key Square who also donated to Trump's campaign, is also thought to be under consideration.

The Polymarket betting site has Bessent favored over Lutnick, 52% to 40%, as of 3:45 p.m. Wednesday. But Lutnick's odds have gained since Nov. 6, when he was at 12.5% on Polymarket, and they spiked again on Wednesday.

Joseph "Jay" Clayton, Trump's former chairman of the Securities and Exchange Commission, and Robert Lighthizer, a former Trump administration trade representative, are at 4% and 2%, respectively, on Polymarket.

Lutnick and Trump have seen eye to eye on many issues, including Trump's embrace of cryptocurrency.

Lutnick told CNBC in July that Republicans would bring back lower corporate tax rates, cut regulation, and take a tougher stance on China. Asked about Trump's proposed tariffs, Lutnick said: "Donald is a deal maker...He wants to make a deal with China."

Cantor Fitzgerald in late July announced plans to launch a Bitcoin financing business, starting with $2 billion in initial financing, to provide leverage to investors who hold Bitcoin. Lutnick said at the time that "We are excited to help unlock Bitcoin's full potential and continue bridging the gap between traditional finance and digital assets."

Lutnick is also chairman and CEO of global brokerage and financial technology company BGC Group, and chairman of Newmark Group, Inc., a commercial real estate services firm.

Cantor Fitzgerald couldn't be immediately reached about Lutnick's potential interest in or consideration for the Treasury Secretary job.

Cantor Fitzgerald is a New York-based global financial services firm that is remembered for having lost 658 employees, more than two-thirds of its then-workforce, in the Sept. 11, 2001, terrorist attacks on the World Trade Center.

Write to Janet H. Cho at janet.cho@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 13, 2024 15:51 ET (20:51 GMT)

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