Art Cashin, UBS’ director of floor operations at the New York Stock Exchange who spent more than 60 years on Wall Street, has died aged 83.
“It is with a heavy heart that I inform you of the passing of ArthurCashin, Jr., a true giant in our industry, highly regarded market pundit,” Bill Carroll, head of sales and development at UBS Wealth Management USA, said in a memo to employees which was seen by Reuters on Monday.
Cashin, dubbed ‘Wall Street’s version of Walter Cronkite’ by The Washington Post, was a regular on CNBC, delivering 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 age 23, he became a member of the NYSE and a partner of P.R. Herzig & Co.
In 1980, Cashin joined investment bank PaineWebber and managed their floor operation. PaineWebber was acquired by UBS in 2000.
At that 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 executive floor governors and also served as a member of the Bond Club of New York. He was also part of the high-IQ society Mensa.
In addition to his role at UBS, he is renowned for his daily newsletter, Cashin’s Comments, which has been published for over 25 years and reaches more than 100,000 readers daily. He has also been a regular on CNBC’s Art Cashin on the Markets, a segment airing several times a week, for more than two decades.
“It’s fair to say that over this time, Art Cashin became a household name for investors across the country, who benefited from his savvy insight on the markets, good humor and wit, while being one of UBS’s strongest brand ambassadors,” the memo said.
Cashin was born in Jersey City, NJ, in 1941, according to CNBC, which first reported on his death.
CNBC did not immediately respond to a Reuters request for comment. Cashin’s family could not be reached for comment.