By Manya Saini and Suzanne McGee
NEW YORK (Reuters) – Art Cashin, a renowned market expert and UBS director of floor operations at the New York Stock Exchange, has died at the age of 83, UBS said.
Cashin, once 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. His Wall Street career spanned more than six decades.
“It is with a heavy heart that I inform you of 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 to the employees. on Monday.
The memo did not say when he died or provide any details about the circumstances.
In addition to his role at UBS, Cashin was known 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 guest on CNBC’s “Art Cashin on the Markets”, a segment that aired 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, good humor and wit,” the memo said.
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, 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 trading activity in the United States.
His newsletter, which combined market analysis with trivia, historical tidbits and even recipes, often caused a stir in the trading rooms of Wall Street and on the NYSE floor.
“The day Cashin’s commentary was released was always a landmark event,” said Art Hogan, a market strategist at Baird Wealth Management, who got to know Cashin during the decades they worked together on Wall Street.
A regularly mentioned recipe was for “White Castle burger stuffing,” which he usually sent before Thanksgiving, Hogan recalled. The ingredients? The bun and patty of a hamburger purchased from the budget restaurant chain White Castle.
Cashin was also a regular at Bobby Van’s Steakhouse in Manhattan, where he and a group of friends gathered for decades to tell stories and discuss markets. His usual drink was a Dewar’s on ice, and within five minutes of the closing bell ringing, the restaurant would have his first one ready for him.