UBS created a new position in its Amercias business, and hired Stephen Cummings to fill it.The role? Cummings is the new Managing Director and Chairman of the Swiss bank’s Americas unit.
He’s best known as the former head of Corporate and Investment Banking at Wachovia, where he was one of the bank’s best paid executives for years.
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Cummings is 55. He joined Wachovia in 1998, and was Co-head of Capital Markets before he was elevated to head of the the investment bank.
As a white person, I know that I cannot fully appreciate the extent of those feelings, particularly for our African-American teammates. The challenge for all of us, particularly for myself and other whites, is to understand the real issues driving these emotions and appreciate the impact of different life experiences of our colleagues.
He began his career in 1979 in the Corporate Finance Department of Kidder, Peabody in New York. He then joined M&A firm Bowles Hollowell Conner & Co, of which he became Chairman and CEO in 1993. The firm was later acquired by First Union, which merged with Wachovia later on.
He earned a BA from Colby College and an MBA from Columbia.
UBS announced that it created the position of Chairman of Americas Investment Banking ” to enhance our existing strengths in the US and to underscore our commitment to grow our US investment banking franchise.”
“I’m very excited to be joining UBS at this time,” Cummings said. “I see an unrivalled opportunity for growth and I look forward to being a part of it. After spending a great deal of time with management, it became obvious that this is a firm with an unparalleled global footprint that is extremely client focused.”
“I am delighted that someone of Steve’s calibre will be taking on that position,” the CEO of UBS Americas, Phil Lofts said.
Cummings will be based in New York and officially steps into the position on April 18.
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