UBS has ditched plans to move parts of its U.S. investment bank to downtown New York and will review its options in the wake of deep cost cuts designed to boost its flagging bottom line. UBS had been in "advanced" talks to move some of its Stamford, Connecticut-based U.S. investment bank to the World Trade Center site at the southern tip of Manhattan, according to two sources familiar with the negotiations. Those talks were suddenly called off on Thursday, the sources said on Friday..."This was due to uncertainty over (UBS's) contraction and by how much," said one of the sources. "UBS has been conducting a review of its real estate requirements in the Tri-State area. Part of this review involved discussions with World Trade Center management in downtown Manhattan. These discussions have been productive, but we are focused on midtown alternatives at the present time," said a spokesperson for the Swiss-based bank. [Reuters, earlier]
Metro-North Commuters Win Back Right To Get Sauced And "Network" On The Ride Home
The bar car rides again!