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.