Cummings will be based in New York and report to Jimmy Neissa, Matthew Grounds and Simon Warshaw, Joint Global Heads of IBD. He will join on April 18.
'We 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 am delighted that someone of Steve's caliber will be taking on that position', said Phil Lofts, CEO of UBS Americas.
'Steve has an impressive track record and his wealth of experience will help our clients achieve their goals', said Neissa. 'Partnered with Aryeh Bourkoff, Americas Head of Investment Banking, his deep expertise and insight will help us enhance and support our Investment Banking business during what will be a strong growth phase for our US business'.
'I’m very excited to be joining UBS at this time. I see an unrivalled opportunity for growth and I look forward to being a part of it', said Cummings. '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. Jimmy, Matthew, and Simon have a stellar team and I look forward to working with them to serve their clients and continue to grow the franchise'.
Cummings, 55, was previously Senior Executive Vice President and Head of Corporate and Investment Banking at Wachovia Bank. He began his career in 1979 in the Corporate Finance Department of Kidder, Peabody & Co. Incorporated in New York. He subsequently joined Bowles Hollowell Conner & Co., a merger & acquisition advisory firm, and became its Chairman and CEO in 1993. Bowles Hollowell Conner & Co. merged with First Union Corp. in 1998.
Cummings holds a BA from Colby College and an MBA from Columbia University.