UBS to Retain 2,000 Jobs - What Does This Mean to You? [Updated, Pictures, Video]

Will the maintaining of 2,000 UBS jobs affect the average Stamford resident? How many new openings will be filled by Stamford locals?

Updated to reflect the retention of 2,000 jobs over the next few years rather than the creation of 2,000 new jobs.

Similiar to featured blogger Mark Hallen, I'm new in town.

On Aug. 23, UBS and Gov. Dannel P. Malloy announced that UBS would maintain 2,000 UBS jobs across Connecticut, and most of them would be in the company's infrastructure. This initiative, while supported by Malloy, would not be part of his First Five program.

CEO of UBS Americas Phil Lofts indicated that not all Stamford residents that have been hired n Stamford work in Stamford, and not all of the coming 2,000 positions would even be filled by Stamford residents.

All of that is very normal for a corporate hiring initiative, especially with a company of UBS' size and scope.

What I know is that UBS employs more Stamford locals than the city of itself, according to Stamford's 2010 Annual Financial Report. I also know that in June, long before I came to this lovely town, there was speculation that UBS might leave Stamford, taking quite a few jobs with it.  It's good news for Stamford that UBS has decided to stay, obviously.

Why have they decided to stay? Why remain in Connecticut over New York? 

On those questions, I can't offer an opinion because I'm not informed enough to do so. There's what exists as far as recent UBS history in the form of financial statements and press conferences, and then there's word of mouth and community opinion...and Patch is all about that.

Having declared my opinion null and void as it pertains to UBS' decision to remain in Stamford, I'd rather print yours next week.

What do you think of UBS? Why have they decided to remain in CT over NY, and do you believe this will affect you at all?

Submit your opinions and letters to the editor at Jamal.Powell@patch.com by Aug. 30 to appear in next week's Letters to the Editor. Please indicate whether or not you'd like your identity to remain public or private.

Alex August 24, 2011 at 03:09 PM
This article seems somewhat inaccurate. I don't believe that UBS is creating 2,000 new jobs, instead, the new deal to keep UBS in Stamford creates financial incentives so long as UBS maintains a 2,000 job minimum, with additional incentives for job creation.
Matt August 24, 2011 at 03:34 PM
Another question is how much in the way of tax breaks are they getting from the state and city and also how much per job are the taxpayers subsidizing this company. I'll bet its not cost effective for us.
Kara Glover Billhardt August 24, 2011 at 09:10 PM
Alex is right. No new jobs at UBS. just 2000 people holding on by a thread for the job they have. UBS used to employ over 4000 people in the same office space. Must be echo-y over on the largest trading floor in the world.


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