Will Stamford Benefit From UBS Restructuring?

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UBS, the Swiss banking giant, had 21,376 U.S. employees last fall when it announced it would cut 10,000 people worldwide. By the end of April, the U.S. workforce had fallen to 20,504.

As the layoffs ripple through UBS’s investment banking segment, Bloomberg is reporting¬†that the bank is exiting about three-quarters of one of its major offices in Manhattan, with some of the workers moving to another office in Manhattan, and others moving to Stamford.

What does that mean for headcount in Stamford, which was just under 3,000 last June? The bank’s public relations officials won’t say.

“We have not disclosed how any employees may be affected by any moves, but I can tell you that our commitment to the state of Connecticut remains unchanged,” said UBS spokeswoman Karina Byrne.

The state offered UBS $20 million in 2011 as long as it doesn’t shrink its Stamford workforce below 2,000 people. (That includes contractors). It has to maintain that level of employment in 2012, 2013, 2014 and 2015.

Laura Aubuchon, director of economic development for Stamford, said the bank had not given the city any information about how many people work in Stamford now, or whether it will grow soon. All they say is the same thing Byrne said to the Courant– that it will remain at 2,000 or more.


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