MUFG Appoints Steve Cummings President and Chief Executive Officer of MUFG Union Bank
April 09 2015 - 3:22PM
Business Wire
In a historic move, Mitsubishi UFJ Financial Group, Inc. (MUFG),
one of the world’s leading financial groups, today announced that
Stephen E. Cummings, a former UBS executive, will join the company
as the first American President and Chief Executive Officer of MUFG
Union Bank, N.A., the banking subsidiary of MUFG Americas Holdings
Corporation. Mr. Cummings, 59, will also have authority over all of
The Bank of Tokyo-Mitsubishi UFJ’s (BTMU) U.S. businesses,
including its New York branch and other branch offices1. He will
become a member of the Board of Directors of MUFG Union Bank and he
will be based in New York.
Stephen E. Cummings (Photo: Business
Wire)
The appointment of Mr. Cummings represents a significant
departure from MUFG’s tradition of appointing Japanese executives
from the parent company to serve as CEO in the American market. He
was selected after a national search conducted by MUFG and MUFG
Union Bank’s Board of Directors. “Steve is a talented and respected
executive with more than 35 years of financial services experience.
We are fortunate to have him join us during this important phase,
as MUFG pursues profitable, sustainable growth throughout the
Americas,” said MUFG President and CEO Nobuyuki Hirano.
“I have long believed that a longer-term CEO position held by an
executive native to this market is key to the continuity of
business and relationships with customers and communities, as well
as a deeper understanding of the regulatory environment,” said
Masashi Oka, Executive Chairman and Acting President and CEO of
MUFG Americas Holdings Corporation and MUFG Union Bank. “Steve is
the right leader at the right time to take full advantage of this
position and guide us during this transformational period of our
bank’s history.”
Mr. Cummings most recently served as Chairman of Investment
Banking for the Americas for UBS Investment Bank and Head of
Corporate Client Solutions for the Americas at UBS Group AG. Prior
to joining UBS, he had a 10-year career at Wachovia from 1998
to 2008, serving in several key executive positions, including
Senior Executive Vice President and Global Head of Corporate and
Investment Banking. From 1984 to 1998, he was with Bowles Hollowell
Conner & Co., a leading merger and acquisition advisory
firm, serving as its Chairman and Chief Executive Officer from 1993
to 1998 when it was acquired by First Union/Wachovia Corp. Mr.
Cummings began his career in 1979 at Kidder, Peabody & Co.
Incorporated in their New York Corporate Finance Department.
He holds an MBA from Columbia University Graduate School of
Business and a B.A. from Colby College.
“I am extremely pleased to be joining the company as CEO for the
U.S. and I look forward to engaging with our employees, our
customers and members of the communities that we support,” said Mr.
Cummings. “I also recognize the tremendous trust that MUFG has
placed in me as we begin a new chapter in the story of our bank. As
the first non-Japanese chief executive, I am part of a legacy that
stretches back many generations in Japan and in the U.S. Based on
this essential foundation, my colleagues and I will continue
working to earn the respect and business of our customers and we
will keep moving forward to foster trust-based relationships with
all partners and colleagues who are part of our growth story,”
continued Mr. Cummings.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices
across the United States. We provide a wide spectrum of corporate,
commercial, retail banking and wealth management solutions to meet
the needs of customers. The bank also offers an extensive portfolio
of value-added solutions for customers, including investment
banking, personal and corporate trust, global custody, transaction
banking, capital markets, and other services. With assets of $113.7
billion (USD), as of December 31, 2014, the bank has strong capital
reserves, credit ratings and capital ratios relative to peer banks.
MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial
Group (NYSE: MTU), one of the world’s largest financial
organizations with total assets of approximately ¥279 trillion
(JPY) or $2.3 trillion (USD)2, as of December 31, 2014. MUFG
Americas Holdings Corporation, the financial holding company and
MUFG Union Bank, N.A. have corporate headquarters in New York
City.
1 Mr. Cummings will not have governance over Mitsubishi UFJ
Securities (USA) or Mitsubishi UFJ Trust and Banking (USA).
2 Exchange rate of USD=¥119.78 (J-GAAP) as of December 31,
2014
©2015 Mitsubishi UFJ Financial Group, Inc. All rights reserved.
The MUFG logo and name is a service mark of Mitsubishi UFJ
Financial Group, Inc., and is used by MUFG Americas Corporation
with permission.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150409006389/en/
MUFG Americas Holdings CorporationA member of MUFG, a
global financial groupDaniel Weidman,
213-236-4050dweidman@us.mufg.jp
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