Stamford braces for word of UBS job cuts

realtors do the math..lets see you sell stamford the trump is coming, ritz! rbs! you can build but they won't come.

Here they come...5,500 layoffs at UBS with at least 2,000 in Stamford. Major blow to Fairfield County.

You've got to be kidding me ??? Like this is not happening all over the country.. every big bank in the country has laid off people & it will continue. Regardless of the layoffs most (big boys) have nice packages there way of life may slow a little. The lack in banking regulations ( or change so we can scam the system & rest of the world with packaged no good mortgage notes then have the fed bail us out & who cares about average joe with homeowners that have been preyed upon and to boot there using tax payer dollars to keep the bank in business) lending was the same as in daddy bushes admin, Big Boy PAY DAYS NEED to come to an end GREED GREED !!!!
So What UBS paid for fireworks ( Big Woppie), They also donated money to SPD to upgrade the department ... Think about all the tax breaks they got & get to come to stamford & how the tax burden shifted to the residents with cut in services ... CALLED THE PRICE OF DOING BUSINESS !!!! We are in & recession for a host of reasons I'm sure Dan Malloy is the major cause !!!

Said no word of cuts in Stamford..as cuts are in investment banking concentrated in NYC/London what idiots.Investment banking division at UBS consists of the bakers and traders. Most traders are in Stamford, most bankers in NYC. The cuts are largely focused on the traders in Stamford

I saw 100's go in Stamford today alone. at least 1,000+by the end of the week.

You are either lying or greatly erxagerrating; because if it's 500+ employees they would have to notify the state 60 days ahead of time. Please be truthful in your posts.

bdh wrote:

You are either lying or greatly erxagerrating; because if it's 500+ employees they would have to notify the state 60 days ahead of time. Please be truthful in your posts.

As if companies actually abide by rules.

There are ways around the notification rules. I am willing to bet that by next week this very paper will confirm the numbers.

Even if UBS already notified the city of 500+ layoffs you can be sure theyre keeping that tidbit of info closely under wraps..I dont think the mayor would want to admit that Stamford is becoming "The City that USED to work".

what percentage of employees at the investment bank in Stamford are expeted to be laid off ?

Concerned wrote:

what percentage of employees at the investment bank in Stamford are expeted to be laid off ?

10% or 2,600 in the investment bank (trading + banking) and 5,500 throughout UBS.

The wave of foreclosures and ARM resets have only just begun. If you're buying real estate now, you will automatically lose money. The Stamford branch can find their low-income foreclosed counterpart and share an apartment! Economics works across income levels!

In light of the recent and numerous UBS scandals of fraud and deception my position is that UBS should no longer be allowed to do buisness in the United States.
My gut is telling me that UBS investors and customers will make that call as they take their money and flee to safer Gulf state banks.
This is like Enron revisited.
Phil "Enron" Gramm is a UBS Vice President and the nightmare is being relived.
Now, hold on to your hats!
Phil is one of McCain's econimic advisors and a possible Treasury Secretary under McCain.
'Nuff said.

Dancing With UBS wrote:

In light of the recent and numerous UBS scandals of fraud and deception my position is that UBS should no longer be allowed to do buisness in the United States.
My gut is telling me that UBS investors and customers will make that call as they take their money and flee to safer Gulf state banks.
This is like Enron revisited.
Phil "Enron" Gramm is a UBS Vice President and the nightmare is being relived.
Now, hold on to your hats!
Phil is one of McCain's econimic advisors and a possible Treasury Secretary under McCain.
'Nuff said.

Get a life! You are talking about thousands of employees who would lose their jobs if you had your way. Yes, there have been mistakes by high ranking managers - they are being dealt with. There isn't a large company out there that doesn't skirt with the law; and when they get caught (and they will get caught) you will be hearing about them as well. In the meantime, the majority of UBS employees are hard working, productive people just trying to make a living.

Employed by UBS wrote:

<quoted text>...There isn't a large company out there that doesn't skirt with the law; and when they get caught (and they will get caught) you will be hearing about them as well. In the meantime, the majority of UBS employees are hard working, productive people just trying to make a living.

I'm sure they are. I know some who have been let-go, and some who are still there.

The trouble with UBS is its track record:
>Willing to shelter and reluctant to return Nazi war loot.
>Willing to teach US investors how to avoid taxes until signing a recent agreement to stop.
>Willing to use questionable marketing practices, which have resulted in known penalties in excess of $34Billion so far this year.
"Skirt(ing) the law" is a gross understatement.
Now the divisions of the company have been split,
allowing UBS to hack off whatever limb offends it the most. So much for rewarding your loyal hard work!

Employed by UBS wrote:

<quoted text>
Get a life! You are talking about thousands of employees who would lose their jobs if you had your way. Yes, there have been mistakes by high ranking managers - they are being dealt with. There isn't a large company out there that doesn't skirt with the law; and when they get caught (and they will get caught) you will be hearing about them as well. In the meantime, the majority of UBS employees are hard working, productive people just trying to make a living.

Thank you but, I have a life. That remark "Get a life" is typical of the arrogant UBS culture.

The law is the law. Just because other companies "skirt" the law does not justify UBS malfeasance, deceit and trickery.

I worked there with a great Team an truly loved my job.

Thousands of employees have already lost their jobs working for a bank that is truly rotten to the core.

I saw the Security Guards walkng through my area while employees cowered "Please don't let that be me."

Then one day, my boss came over to my desk to tell me that my job would end as of May, 31.

Good people, who had nothing to do with UBS's wrong doings, had to to pack their stuff and leave the property under escort.

What do you think that does for morale?

UBS stock has lost slightly over 50% in value over the last year.

Sorry the phrase Stamford Stinks is to good to think it is your personal name. I have not used it but I have felt it.:)

The Real Stamford Stinks wrote:

<quoted text>
I suspect you don't get it, fake Stamford Stinks, on how to post here. Don't impersonate me or anyone else.
I know for a fact that ageism is rampant at UBS and at every company in the USA. Also, half of their workers are foreigners here on H1B Visas and contract workers, not to mention the hundreds of jobs they have outsourced to other countries that were once in Stamford.
Will the managerial waste and bonuses for the big boys stop? Hell, no.
It's obvious you have stopped growing and are of a closed mindset to believe that UBS such a wonderful employer. Wake up.

Seeing how UBS cheats it's customers, treats it's workers and skirts Federal regulators, I came up with a new acronym for UBS:

(U)'ve (B)een (S)windled

You and Us. UBS? HA HA!

Now that I have too much free time on my hands, I'm posting really stupid messages like this one. Heck, I'm not even drinking!

With lot's of time for TV, I just about fall off my chair when I see a UBS ad on the financial programs. The ads would like us to think that UBS is #1 in many areas.

I happen to think they are. UBS is a leader in many areas.

My ad campaign would go something like this:

UBS: No. 1 in subprime losses.
UBS: No. 1 in out-of-court settlements.
UBS: No. 1 in court settlements.
UBS: No. 1 in worker layoffs.
UBS: No. 1 in executive resignations.
UBS: No. 1 in customer littigation.
UBS: No. 1 deceptive practices.
UBS: No. 1 in money laundering.
UBS: No. 1 in general mismanagement.
UBS: No. 1 in SEC probes.
UBS: No. 1 mauled player in the credit crisis.
UBS: No. 1 in poaching bond traders.

The UBS creeps continue to try and mislead us and get our money.

I think that the top ex should take a price cut and think about all the employees that put all there hard work in the company to make it a great place to work.

Darien View wrote:

I think that the top ex should take a price cut and think about all the employees that put all there hard work in the company to make it a great place to work.

I agree with you.

Looks like the new Fiscal Reform Bill will address that very issue.

There were execs there who made more in 10 minutes than most of us make in a life time.

As mentioned in an earlier post. I loved working there and was very happy. Life was good. Then the shoe dropped and I'm still looking for work.

I miss my job.

Dancing With UBS wrote:

<quoted text>
I agree with you.
Looks like the new Fiscal Reform Bill will address that very issue.
There were execs there who made more in 10 minutes than most of us make in a life time.
As mentioned in an earlier post. I loved working there and was very happy. Life was good. Then the shoe dropped and I'm still looking for work.
I miss my job.

That really sucks. I wish you all the best. My brother in law works there (in Stamford)- at least for now.