UBS to Announce Its Plans for Stamford Unit

STAMFORD, Conn. – Gov. Dannel Malloy will join Phil Lofts, the chief executive officer of UBS Americas, at a press conference Tuesday afternoon in Stamford regarding the corporation’s future in the state.

Union Bank of Switzerland announced Tuesday that 3,500 positions worldwide will be cut to eliminate about 2 billion in Swiss Francs from their expenses by 2013, a press release said.

In June, Mayor Michael Pavia and Malloy both denied allegations that the corporation would be moving out of Stamford. It would be a big blow to the city and the state, both because of the jobs it provides and the community events it sponsors, Pavia said. The mayor and governor also said they were working with UBS to keep it in the city.

The reductions announced Tuesday will come by redundancies, natural attrition and real estate rationalization, the UBS release said.

Of the position reductions, about 45 percent are expected to come from the Investment Bank, 35 percent from Wealth Management and Swiss Bank, 10 percent from Global Asset Management and 10 percent from Wealth Management Americas, the release said.

The corporation has allotted about 550 million Swiss Francs in restructuring charges, the release said. The charges are broken down as follows: 55 percent in the Investment Bank, 30 percent in Wealth Management and Swiss Bank, 10 percent in Global Asset Management and 5 percent in Wealth Management Americas.

The press conference is scheduled for 3 p.m.

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