It has been reported that the bank wants to move members of its investment arm to New York by 2015.
UBS’ Stamford office is renowned for having the world’s largest trading floor. But the bank has already moved some of its staff in the equities and investment departments to offices in New York.
Torie von Alt, a spokeswoman for UBS told Bloomberg: “We routinely evaluate our space allocation as these leases expire and/or space becomes available.
“Movement of personnel is a constant in any active business.”
It has been rumoured that the banking giant intends to move into one of the towers of the World Trade Centre when it is completed.
The slated move is apparently unrelated to a recent rise in taxes in Connecticut.
“It is our understanding the company has made no long-term decisions as to the future of its operations,” Catherine Smith, Commissioner of the Connecticut Department of Economic and Community Development was quoted by Bloomberg.
“We have made very clear the state’s commitment to seeing UBS maintain and grow its operations in the state and ensuring our financial-services sector maintains its competitive edge.”
UBS was one of the banks hit hardest by the financial crisis and is currently overhauling its investment branch.
Thousands of jobs have been cut by the bank over the last few years and a new compensation plan for employees has been implemented.
Under the new plan, only one-third of cash bonuses can be paid out in the year they are earned, while the rest must be held in reserve.
Editor’s notes: As of June 2023, UBS listed its main New York offices as 1285 Avenue of the Americas and Park Avenue on its corporate website. At the time, it also listed Washington Boulevard in Stamford as the location of its Connecticut office.
UBS also moved into 5 Broadgate in London in 2015 and, as of June 2023, the building was described as London’s largest ‘groundscraper’ as it provided 700,000 square feet of office space over just 12 floors.