Sen. Leone praises UBS's decision to stay in Stamford
Published 1:55 pm, Wednesday, August 24, 2011
Senator Carlo Leone, D-Stamford, Darien, has praised financial services company UBS and its decision to maintain offices in downtown Stamford.
"After all the due diligence UBS has done to streamline their company and find efficiencies, they concluded that remaining in Stamford was the best choice. UBS has been a great partner in the community," Leone said. "We are all very happy that they will be staying, and look forward to working with them for many more years."
UBS, a global investment bank, has been exploring a number of ways to cut costs in recent months. It announced a decision to cut 3,500 jobs worldwide. At a press conference with Gov. Dannel P. Malloy Tuesday, it announced a new five-year partnership with the state, and an ongoing presence at its offices in Stamford.
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.
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Given the state's commitment to the financial services sector and its future growth, if UBS adds more jobs in the future, it will be eligible for an additional $7 million in forgivable in loans, based on increments of 250 new jobs.