The State of Connecticut and UBS Have Formed a PartnershipPosted by in Blog on August 31, 2011
Some people say that UBS’s trading floor inStamford,Connecticutis one of the worlds largest. UBS had been considering moving all the jobs inStamford,CT toNew York City.
Governor Dannel P. Malloy recently announced that UBS and the state ofConnecticut“have entered into a new partnership agreement for five years, re-affirming UBS’s commitment toStamfordand to the state.”
The agreement is that UBS agrees to keep at least 2,000 jobs inConnecticutand in exchange the state ofConnecticutwill give UBS a $ 20 million forgivable loan.
UBS may use this money towards employee training and technology or infrastructure. This is a $ 20 million windfall for UBS. If UBS adds jobs, they could get another $ 7 million in forgivable loans.
Governor Malloy said, “UBS is an important part ofConnecticut’s financial services landscape-not only in terms of the number of people they employ, but in the enormous financial contributions they make to the local and state economies.” “This project will retain at least 2,000 high quality, high-paying jobs in the state, spur capital investment and reaffirm the state’s reputation as a leader in financial services.”
This news of UBS’ commitment to stay inConnecticutcomes days after it was announced that UBS plans to slash 3500 jobs. After the job slashing announcement was made, it was reported that UBS job cuts will not affectU.S.based advisors in its Wealth Management Americas unit.
“These reductions (3500 jobs) will occur mainly in the investment bank and Swiss bank, and they will have no direct effect on you, our advisors,” McCann said, indicating that the Wealth Management Americas unit has already made moves in the past 18 months to adjust to market conditions. “Additionally, in key markets across theU.S., we continue to hire quality advisors that you would be proud to call your colleagues,” according to an article in On Wall Street.
UBS Wealth Management Americas has an advisor force of 6,862 at the end of the second quarter, which represents an increase of 51 financial advisors compared to the end of the first quarter.