There’s exciting news for UBS employees: The firm is definitely moving their equities and derivatives departments out of Stamford, CT to New York City.
UBS threatened to move months ago, after Governor Malloy hiked taxes and the state investigated some UBS employees for tax evasion. UBS denied the move, calling it a rumour, even after a memo leaked with the plans.
Well it’s not a rumour… The move is currently “in process,” according to someone at the firm. Some people (mostly equities) have already moved to 1285 Avenue of the Americas, UBS’ main office on 6th Ave between 51st and 52nd. (UBS has also leased a building, says a source who is not at the firm.) Others are on their way into Manhattan. Eventually, people suspect the entire office will move into New York City.
RBS employees, who work across the street from the UBS building in Stamford, are apparently buzzing about the news. It’s killing their morale, which is already at rock bottom, according to a source, because it means they’re losing the friends they made on the harrowing reverse commute from NYC to Stamford. Now RBS is even more isolated out in Stamford.
But for UBS employees, the move is a huge morale boost.
“There are guys living in New Jersey who have to commute [to UBS] who hate it,” someone at the firm tells us, “[UBS] had to make it attractive enough for you.”
But “making it more attractive” got considerably harder this year, when Governor Malloy (who was said to be “shocked” at the suggestion they would move) hiked taxes.
Higher taxes plus the fact that “they built that place 20 years ago and it never took off.. place is a shit hole,” seem to be the main reasons for the move.
Business Insider Emails & Alerts
Site highlights each day to your inbox.