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Cantor to Pay New Analysts to Postpone Start Date Until 2021

Cantor to Pay New Analysts to Postpone Start Date Until 2021

Cantor Fitzgerald is deferring start dates for some junior bankers until next year as the firm contends with the strains of operating through the coronavirus pandemic, according to people with knowledge of the matter.

New arrivals with the rank of analyst will be compensated if they have to wait, one of the people said, asking not to be identified because the arrangements are confidential. The decision might delay start dates until mid-2021, another person said. A representative for Cantor declined to comment.

Delays for interns and new hires are becoming more common on Wall Street as the market tumult upends typical dealmaking and trading, and as social distancing measures make orientation and training more difficult. Evercore Inc. previously told its incoming investment-banking analysts that it would offer them $25,000 if they delayed their start date for a year.

Wall Street firms last delayed the arrival of junior bankers during the financial crisis more than a decade ago when firms came under severe pressure to lower costs.

©2020 Bloomberg L.P.