Governor Malloy: UBS Re-Affirms Commitment to Connecticut
August 23, 2011
Company Remains at Flagship Stamford Trading Floor
Governor Dannel P. Malloy today announced UBS and the state have entered into a new partnership agreement for five years, re-affirming UBS’s commitment to Stamford and to the state.
“UBS is an important part of Connecticut’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,” said Connecticut Governor Dannel P. Malloy. “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.”
The decision follows a thorough review of the bank’s real-estate requirements in the Tri-State area, and will include minor staff relocations between Stamford and New York. The decision and new partnership agreement with the State of Connecticut announced today allows UBS to maintain its current locations in Connecticut.
“We are pleased that we will maintain a substantial presence in Connecticut,” said Phil Lofts, CEO, UBS Group Americas. “The partnership between UBS and the state has helped build stronger communities and exemplified both parties’ commitment to the economic vitality of the region. This decision enables our employees to continue to support the local communities where they live and work, which is especially important in light of the challenging economic climate. Governor Malloy and his team have been instrumental in making this happen.”
Nearly 10 years ago, UBS, a leading global wealth manager based in Switzerland, established offices and one of the largest trading floors in Stamford. The company’s presence in Stamford has developed one of the strongest financial hubs in the world and is critical to the local and state economies.
The insurance and financial services sector employed 193,500, as of 2009, which was 9% of Connecticut’s total employment. Annual wages are $81,000 — 83% higher than the average wage in the state. The jobs at UBS include significantly higher compensation compared to this average – making these jobs particularly valuable to the state.
With the decision to remain in the state, UBS commits to making significant investments in infrastructure, employee training and technology. The state will help offset a portion of these investments with a $20 million forgivable loan; UBS will maintain at least 2,000 jobs in the state for the duration of the agreement.
Given the state’s commitment to the financial services sector and its future growth, if UBS adds more jobs in the future, they will be eligible for an additional $7 million in forgivable in loans, based on increments of 250 new jobs.
For more information about UBS’s presence in Stamford, please view the UBS Stamford factsheet.
Headquartered in Zurich and Basel, Switzerland, UBS has offices in more than 50 countries, including all major financial centers, and employs approximately 65,000 people. Under Swiss company law, UBS is organized as an Aktiengesellschaft, a corporation that has issued shares of common stock to investors. UBS AG is the parent company of the UBS Group (Group).