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Finally, UBS is realizing that being in Stamford, CT is uncool for the talents it wants to hire. Now it is seriously considering a permanent home in NYC.
It's about time.
http://www.nytimes.com/2011/06/09/nyregion/ubs-may-move-back-to-manhattan-from-stamford.html
Fifteen years ago, New York City’s reputation as an international financial center was called into question when the giant Swiss bank UBS moved its North American headquarters to the Connecticut suburbs, where it built the largest trading floor in the world.
Now, though, UBS is having buyer’s remorse. It turns out that a suburban location has become a liability in recruiting the best and brightest young bankers, who want to live in Manhattan or Brooklyn, not in Stamford, Conn., which is about 35 miles northeast of Midtown. The firm has also discovered that it would be better to be closer to major clients in New York City.
As a result, UBS is seriously considering a reverse migration that would bring its investment banking division and up to 2,000 bankers and traders back to Wall Street and a new skyscraper at the rebuilt World Trade Center, according to real estate executives and city officials.
“They just can’t hire the bankers and traders they need,” said one landlord who has spoken with UBS but requested anonymity so as not to alienate a potential tenant.
The bank is also looking at several Midtown locations, and Connecticut is sure to wage a fierce battle to keep UBS in Stamford, where it is the largest private employer and the biggest taxpayer.
A final decision is perhaps months away, and any move would not take place until 2015.
It's about time.
http://www.nytimes.com/2011/06/09/nyregion/ubs-may-move-back-to-manhattan-from-stamford.html
Fifteen years ago, New York City’s reputation as an international financial center was called into question when the giant Swiss bank UBS moved its North American headquarters to the Connecticut suburbs, where it built the largest trading floor in the world.
Now, though, UBS is having buyer’s remorse. It turns out that a suburban location has become a liability in recruiting the best and brightest young bankers, who want to live in Manhattan or Brooklyn, not in Stamford, Conn., which is about 35 miles northeast of Midtown. The firm has also discovered that it would be better to be closer to major clients in New York City.
As a result, UBS is seriously considering a reverse migration that would bring its investment banking division and up to 2,000 bankers and traders back to Wall Street and a new skyscraper at the rebuilt World Trade Center, according to real estate executives and city officials.
“They just can’t hire the bankers and traders they need,” said one landlord who has spoken with UBS but requested anonymity so as not to alienate a potential tenant.
The bank is also looking at several Midtown locations, and Connecticut is sure to wage a fierce battle to keep UBS in Stamford, where it is the largest private employer and the biggest taxpayer.
A final decision is perhaps months away, and any move would not take place until 2015.