Howard Lutnick Divests From Businesses

Commerce Secretary Howard Lutnick is divesting from his businesses. He's transferred his ownership of Cantor Fitzgerald, the brokerage and investment bank he ran for more than 30 years, to trusts benefiting his adult children, the Wall Street Journal and Bloomberg report. His two eldest sons had already been named chairman and executive vice chairman of the company after Lutnick was confirmed to his role in the Trump administration. Lutnick is also selling his stakes in other parts of his business empire, which he'd promised to do as part of his government ethics agreement. (More Howard Lutnick stories.)