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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.
“Stamford needs visionary leadership to garner more sustainable long-term investments … in growing industries such as biotech, maritime, healthcare, where employees are not remote, and not in industries that are declining or becoming obsolete (and ) Investing in higher-paying industries – recruiting employees who will buy homes and support local businesses such as restaurants and shops. ”
Bobby Valentine
Former Major League Baseball manager who is running as an independent candidate.
“When UBS brought nearly 3,000 jobs to Stamford ten years ago, our local economy benefited greatly. Unfortunately, the departure of most UBS employees and the corresponding decline in corporate protections have negatively impacted our community, schools and retail stores.
“The Mayor must attract and maintain a healthy environment for large and small businesses to benefit all residents, public parks and cultural events. There are many reasons for creating incentives that encourage corporate investment, and as Mayor of Stamford, I will work with the governor to actively engage institutions that will commit resources to real improvements without burdening our taxpayers. ”
Caroline Simmons
State Representative approved by the Stamford Democratic City Committee and the Independent State Party.
“Despite UBS’s downsizing, Stamford still has a strong financial services sector that has not generally suffered as many job losses during the coronavirus pandemic as it did during the 2008 financial crisis. As in our city, our economy is undergoing a transformation due to the pandemic as workers reevaluate their relationship with the office. Stamford will continue to attract companies and jobs, demonstrating its ability to adapt to the transformations in our economy.
“It was very disturbing to see the inadequate return on taxpayer dollars of this government investment, which is why, as Co-Chair of the Committee on Trade, I worked hard to get rid of the government’s corporate tax incentive program. Instead, we changed the program to focus on small businesses and to ensure that businesses create promised jobs first before receiving incentives. As mayor, I would be a supporter of small businesses and local jobs and work with the government to ensure that we do not provide large corporate tax breaks to companies that then leave our city. ”
David Martin
The current mayor of Stamford who has collected enough signatures to hold a Democratic primary
“Every job in our city is important for us. When working with large corporations such as UBS, it is important to understand that they are constantly evolving their business model, whether this means a change in the location of their headquarters, a merger of jobs or a complete layoff. These changes are not a reflection of their working relationship with our city and are made independently within their company for their own reasons. “
“DECD (Department of Economic and Social Development) has a lot more information about companies and the proposals they can make, so I cannot comment on their decision. I can only assume that their decision meets the interests of the citizens of our state. “
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