There are some Oracle Human Capital Management (HCM) Cloud customer stories we have the honor of sharing, that surpass all metrics, all odds, and make you forget about technology for a second. Cantor Fitzgerald, the global financial services firm, is one of them.
Oracle Senior Writer, Linda Currey Post, sat down with Michael Chang, Cantor Fitzgerald's director of human resources operations, to discuss overcoming the loss of 68% of their workforce on 9/11, and how they are currently thriving as a business and adopting new cloud technology to enable their transformation.
Cantor Fitzgerald, the global financial services firm, suffered catastrophic losses on September 11, 2001, when an airliner hijacked by terrorists hit its headquarters in the north tower of New York’s World Trade Center. More than 60 percent of the company’s workforce at the time—658 people—perished.
Seventeen years later, the firm is flourishing. With a new headquarters in midtown Manhattan, CantorFitzgerald now employs more than 12,000 people, who work in 60 offices in 20 countries.
Under the leadership of chairman and CEO Howard Lutnick, the firm, which provides investment banking, prime brokerage and commercial real estate services, has also become a philanthropic force. The Cantor Fitzgerald Relief Fund has distributed $320 million in support of both the families of employees who were killed on 9/11 (including the chairman’s brother, Gary), as well as other victims of terrorism and natural disasters.
And every year on 9/11, which the firm now calls Charity Day, the company donates its revenues and its traders donate their commissions, raising $147 million so far for nonprofit agencies that can apply for grants. Celebrities including Lady Gaga, Jake Gyllenhaal and Eli Manning have joined the traders in calling customers to encourage them to complete more trades and raise more money.
New HCM System Tracks Growth
Cantor Fitzgerald’s entire trading business depends on robust technology. It was an electronic trading pioneer in the 1990s with its eSpeed platform, taking that e-trading subsidiary public in 1999.
It also moved recently to a state-of-the-art human capital management system, choosing Oracle HCM Cloud to help the firm keep pace with its frequent acquisitions and the resulting growth in the number of employees, says Michael Chang, Cantor Fitzgerald’s director of HR operations.
When Cantor Fitzgerald acquires companies, Chang says, their employee records are often difficult for the headquarters HR team to access. “Now we can put all our employee data into one global single instance of Oracle HCM Cloud, which allows us to apply analytics to get accurate insight into who our employees are, where they are and the lines of business they support,” he says.
Want to learn more? Find where Cantor Fitzgerald is today with their cloud upgrade in the original article by Currey Post on WSJ.com.