United States President-elect Donald Trump intends to appoint seasoned Wall Street executive Howard Lutnick as commerce secretary for his second administration, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Lutnick, who serves as the CEO of Cantor Fitzgerald, a prominent financial services company, has also co-chaired the president-elect's transition team and was previously a leading candidate for the Treasury Department position. Still, tensions with another potential candidate, Scott Bessent, led to Lutnick's demotion from consideration, according to the media reports.