By Manya Saini and Suzanne McGee
NEW YORK (Reuters) – Art Cashin, a prominent market pundit and UBS director of floor operations at the New York Stock Exchange, has died at the age of 83, UBS said.
Cashin, once called “Wall Street’s version of Walter Cronkite” by The Washington Post, was a regular on CNBC, delivering stock market and analysis for the channel’s business news channel for more than 25 years. His Wall Street career spanned more than 60 years.
“It is with a heavy heart that I announce the passing of Arthur Cashin, Jr., a true giant in our industry,” Bill Carroll, head of sales and development at UBS Wealth Management USA, said in a memo sent to employees. on Monday.
The memo did not say when he died or explain the circumstances.
In addition to his work at UBS, Cashin was famous for his daily newsletter, Cashin’s Comments, which was published for more than 25 years with a daily circulation of more than 100,000 readers. He was also a regular on CNBC’s “Art Cashin on Market,” a segment that aired several times a week for more than 20 years.
“It’s fair to say that during this time, Art Cashin became a household name for investors across the country, who benefited from his knowledge of the markets, good humor and intelligence,” said the memo.
Arthur D. Cashin was born in Jersey City, New Jersey, in 1941, according to CNBC. He began his business career at Thomson McKinnon in 1959 and in 1964, at the age of 23, he became a member of the NYSE and partner of PR Herzig & Co.
In 1980, Cashin joined the investment bank PaineWebber and managed their operations. Paine Webber was acquired by UBS in 2000. At that time, the NYSE floor was the hub of most trading activity in the United States.
His newsletter, which combined market analysis with trivia, literary history and even recipes, often created a buzz in Wall Street’s trading rooms and on the floor of the NYSE.
“The day Cashin’s Commentary was published was always important on the Street,” said Art Hogan, market strategist at Baird Wealth Management, who knew Cashin during the several decades they worked on Wall Street together.
One of the recipes that was always on display was the “White Castle burger stuffing”, which he always sent out before Thanksgiving, Hogan recalled. Its products? Band and patty from the hamburger bought from the budget restaurant chain White Castle.
Cashin also frequented Bobby Van’s Steakhouse in Manhattan, where for decades he and a group of friends would gather to talk stories and discuss the markets. His usual drink was Dewar’s on ice, and the restaurant would start serving him within five minutes of the closing bell.