Gov. Dannel P. Malloy announced Tuesday that the state will be giving financial services giant UBS $20 million in forgivable loans to maintain at least 2,000 jobs in Connecticut for the next five years.
The announcement comes just months after reports surfaced that the Swiss banking giant was considering moving out of its Stamford offices and relocating employees to New York City.
As part of the agreement, UBS has committed to making significant investments in infrastructure, employee training and technology in Connecticut.
The state will help offset a portion of these investments with a $20 million forgivable loan. Â In exchange UBS will maintain at least 2,000 jobs in Connecticut for the duration of the five-year agreement.
Additionally, if UBS adds more jobs in the future, they will be eligible for an extra $7 million in forgivable loans, based on increments of 250 new jobs.
It’s not clear how many people UBS currently employs in Stamford.
“UBS is an important part of Connecticut’s financial services landscape – not only in terms of the number of people they employ, but in the enormous financial contributions they make to the local and state economies,” Malloy said. “This project will retain at least 2,000 high-quality, high-paying jobs in the state, spur capital investment and reaffirm the state’s reputation as a leader in financial services.”
Nearly 10 years ago, the state gave UBS economic incentives to establish offices and one of the largest trading floors in Stamford.Â
