10 years after $20M state loan to UBS, Stamford mayoral candidates talk job losses and the economy
STAMFORD — Intercontinental banking corporation UBS introduced its company headquarters and 1000’s of staff members to Connecticut in 1994 to fanfare and tax breaks from the condition.
In 2007, staffing peaked at the Stamford headquarters with 4,000 personnel. When the Wonderful Recession hit in 2008, the banking giant started shedding team as its revenue dropped.
In 2011, the point out gave the banking giant $20 million to continue to keep UBS from leaving with personal loan forgiveness if staffing in Connecticut didn’t tumble under about 2,000.
A decade afterwards, in a scaled-down area at 600 and 750 Washington Blvd., and with about 1,140 workforce now working in Stamford, Hearst Connecticut Media questioned just about every of the 4 candidates running for Stamford mayor for their assessments on the job losses and the $20 million mortgage awarded to the firm.
Joe Corsello
A musician and previous police officer who is endorsed by the Stamford Republican Town Committee
“UBS position losses are of problem as are position losses of all employers — significant and modest. Each individual missing position affects the group and economy.
“Stamford demands leadership with the foresight to put alongside one another far more sustainable long-expression investments … in developing industries this kind of as biotech, maritime, wellbeing treatment, the place workforce are not remote — and not in industries that are declining or getting out of date (and) investing in industries with greater shelling out employment — bringing staff who will buy properties and assist area business these kinds of as restaurants and retailers.”
Bobby Valentine
A previous Key League Baseball manager who is working as an unaffiliated applicant
“When UBS brought almost 3,000 jobs to Stamford a 10 years ago, our area economy was a substantial beneficiary. The unlucky departure of most UBS staff, and the corresponding decline in company advocacy, has had a unfavorable effects on our group, faculties and merchants.
“A mayor should appeal to and keep a wholesome setting for businesses large and compact so as to benefit all residents, public parks and cultural activities. There are sufficient explanations to generate incentives that inspire company financial investment, and as mayor of Stamford, I will collaborate with the governor to actively recruit institutions that will dedicate resources to achieving authentic advancements without burdening our taxpayers.”
Caroline Simmons
A point out consultant who is endorsed by the Stamford Democratic Metropolis Committee and the condition Unbiased Party
“Despite the downsizing having place at UBS, Stamford proceeds to have a powerful money providers sector which did not suffer as a lot of position losses over-all amidst the coronavirus pandemic as it did in the course of the 2008 monetary crisis. Significantly like our metropolis, our financial system is going via a transformation owing to the pandemic as workers redefine their marriage with the office. Stamford will continue to entice businesses and positions by demonstrating it can adapt to the transformation in our economy.
“It was concerning to see the deficiency of return on expense on taxpayer dollars from that state investment decision and that is why as co-chair of the Commerce Committee, I labored tricky to to get rid of the state’s corporate tax crack software. As an alternative we revamped the system to focus on tiny enterprises and to make certain businesses make the positions promised initial right before getting incentives. As mayor, I would be a winner for small companies and community work and would operate with the point out to make sure that we are not offering large company tax credits to companies that then go away our city.”
David Martin
The present-day mayor of Stamford who collected enough signatures to power a Democratic Most important
“Every job in our metropolis is vital to us. When working with substantial corporations such as UBS, it is essential to notice that they are regularly evolving their business model, irrespective of whether that implies switching the locale of their headquarters, merging work or downsizing altogether. These alterations are not a reflection of their doing the job marriage with our town and are made independently inside of their corporation for their personal good reasons.”
“The DECD (Office of Financial and Group Development) has considerably a lot more perception into organizations and proposals that they are capable to make, so I can’t comment on their determination. I can only think their conclusion is in the best fascination of the citizens of our state.”
