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.