(Reuters) – Art Cashin, director of floor operations at UBS on the New York Stock Exchange who spent more than 60 years on Wall Street, has died at the age of 83.
“It is with a heavy heart that I inform you of the passing of Arthur Cashin, Jr., a true giant in our industry and a highly regarded market expert,” said Bill Carroll, head of sales and development at UBS Wealth Management USA, in a memo to employees seen by Reuters on Monday.
Cashin, dubbed “Wall Street’s version of Walter Cronkite” by The Washington Post, was a regular guest on CNBC and provided stock market commentary and analysis to the business news channel’s viewers for more than 25 years.
He began his business career at Thomson McKinnon in 1959. In 1964, at the age of 23, he became a member of the NYSE and a partner of PR Herzig & Co.
In 1980, Cashin joined investment bank PaineWebber and managed their floor operation. PaineWebber was acquired by UBS in 2000.
At the time, the NYSE floor was the hub for the vast majority of all trading activity in the United States.
Cashin was one of three senior governors on the executive branch and was also a member of the Bond Club of New York. He was also part of the high-IQ association Mensa.
In addition to his role at UBS, he is known for his daily newsletter, Cashin’s Comments, which has been published for more than 25 years and reaches more than 100,000 readers daily. He has also been a regular guest on CNBC’s Art Cashin on the Markets, a segment that airs several times a week, for more than twenty years.
“It is fair to say that during this period Art Cashin has become a household name for investors across the country, who benefited from his shrewd insight into the markets, his good humor and humor, while at the same time becoming one of UBS’s strongest brand ambassadors was,” the memo said. .
Cashin was born in Jersey City, New Jersey, in 1941, according to CNBC, which first reported his death.
CNBC did not immediately respond to a Reuters request for comment. Cashin’s family could not be reached for comment.
(This story has been corrected to correct the spelling of Bill Carroll’s last name, following a clarification from UBS in paragraph 2)
(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
