10 Years After UBS $ 20 Million Government Loan, Stamford Mayor Candidates Talk About Job Loss and Economy

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STAMFORD – UBS International Banking Corporation brought its corporate headquarters and thousands of employees to Connecticut in 1994 to thwart tax breaks from the state.

In 2007, the Stamford headquarters had 4,000 employees. When the Great Recession hit in 2008, the banking giant began to lay off its staff as its profits plummeted.

In 2011, the state gave the banking giant $ 20 million to keep UBS from going away with a loan forgiveness unless Connecticut falls below 2,000 people.

Ten years later, in a smaller facility at 600 and 750 Washington Boulevards, where Stamford now has about 1,140 employees, Hearst Connecticut Media asked each of the four candidates running for mayor of Stamford to estimate the job loss and $ 20 million. the loan was provided to the company.

Joe Corcello

Musician and former police officer approved by the Stamford Republican City Committee.

“Job losses at UBS are a concern, as are job losses for all employers, large and small. Every lost job affects society and the economy.

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