As we have discussed at length, UBS might move its headquarters to downtown New York in the next several years, a possibility that strikes fear into the hearts of Stamford officials and drool onto the faces of those fantasizing about the moderately-priced cheesecakes to be pillaged at the Costco that could move into the 36,000 (or so) square foot space. It’s an emotional issue for all, including employees, who are divided in their feelings. One trader has said there’s no way in hell he’ll leave southern Connecticut, where he moved 16 years ago because of UBS, and where he met his wife and raises his kids. Another can’t wait, as the move would mean he’ll “save $300 a month in train fare and major aggravation.” The 50 or so “cash trading” employees who were moved yesterday do not have the luxury of pondering how all of this makes them feel, but they do have some good new to share- those relocating are gettin’ paid!
UBS is giving bonuses to everyone who’s moving to NYC whose commute is increasing. It’s $3k grossed up for taxes, although those MDs are ineligible. For those that choose to do so, UBS will also pay for relocation if the new office in NYC is 50 miles or greater from your house. Benefit is good for up to 1 year and includes closing costs, temp housing and some other benefits.
Guess this will be where all our big bonus $$ this year goes.
I was honestly expecting the bonus to be bubble wrap.
So if I move to NY I double my salary?
My Honda Civic gets great gas mileage. Can I pretend to drive my wife’s V6 Honda Accord instead to fudge my relocatioan costs?
Be careful what you leave behind in your desk and lockers, guys. Sometimes it’s just not worth the trouble.
~Jeff “Weapon of Ass Destruction” Gundlach
UBS ROCKS!
When I have my custom Civic V-Techs shipped from Japan, I require them to be completely ensconced in bubble wrap.
I dont know what you guys are talking about.
-Packaged Goods for Cash Trader-
Building the world’s largest trading floor in CT then paying to relocate your traders away from it is the NKI
UBS IS THE NKI!!!!!!
I can finally sell the 1998 Prelude.
Wait- they moved cash trading to NY but kept CDS in Stamford? What genius thought *that* up?
Um, CDs are really more of a retail banking product.
- UBS US Director of Strategic Iniatives / Genius
“Another can’t wait, as the move would mean he’ll ‘save $300 a month in train fare and major aggravation.’ ”
Yes, you’ll save 300 on train fare and in exchange pay a couple extra thousand in taxes. Sounds like the typical UBS Quant.
I told you, you’re not doubling it. You’re increasing it by 100%.
UBS Quant
What’s 300 x 12?
Even at 3600/year for train fair, I doubt it’ll equal out. There’s a reason hedge fund managers and C-suite executives live in CT and not NYC.
Guest, please explain your reasoning.
Any UBS junior rainmaker that’s excited about the move to NYC and is excited about saving money on train fare already lives in NYC and is doing the reverse commute up to STAMVEGAS/MANFORD/THEWORSTPLACEONEARTH daily. They’re already paying city tax and already paying the higher of NY and CT state tax. Not seeing where the couple extra thousand in taxes is coming from here.
Yes – because we have new stores in Greenwich, Darien, Westport and New Canaan!
That depends. Are you from the IRS?
UBS MD
“UBS will also pay for relocation if the new office in NYC is 50 miles or greater from your house.”
Unfortunately anyone living in Stamford is at most 45 miles away from the farthest end of NYC. I also doubt UBS Quants know how to round. Even when it sounds like things are looking up UBS (still) sucks.
To have yards?
-UBS Horticulture Analyst
I hate when you friggin Quants make us Executive Directors look stupid, but thanks for the heads up
The original memo said 50 meters but upper management insisted they convert it over to US units before the release.
Based on the picture I thought we were going to experience an awesome food challenge with what was found in the fridge at the UBS CT office. Alas…
Ummm, I’m pretty sure there are houses both North and East of Stamford (ie: further away from NYC). I’m also pretty sure that not everyone that works on the World’s largest Trading Floor (hereafter, to be known as WTF) lives in Stamford. So, despite the fact that UBS does, in fact, suck, there actually is some logic in this policy.
They are only paying nyc taxes if they declare themselves to be residents of nyc.
UBS sucks..full of complacent, cushy job sitting know nothing full of hot air blowhards from D grade universities (University of Bridgeport, Sacred Heart, Villanova..)
For the lack of urine soaked street bums/subway fights/sewer rats and abundance of backyards and swimming pools and actual homes?nn-SrslyIwannknow
Nope, just a guy who loves his porn.nn-SEC worker