Regretting Move, Bank May Return to Manhattan

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http://www.nytimes.com/2011/06/09/nyregion/ubs-may-move-back-to-manhattan-from-stamford.html?_r=1&ref=global-home

Fifteen years ago, New York City’s reputation as an international financial center was called into question when the giant Swiss bank UBS moved its North American headquarters to the Connecticut suburbs, where it built the largest trading floor in the world.

Now, though, UBS is having buyer’s remorse. It turns out that a suburban location has become a liability in recruiting the best and brightest young bankers, who want to live in Manhattan or Brooklyn, not in Stamford, Conn., which is about 35 miles northeast of Midtown. The firm has also discovered that it would be better to be closer to major clients in New York City.

As a result, UBS is seriously considering a reverse migration that would bring its investment banking division and up to 2,000 bankers and traders back to Wall Street and a new skyscraper at the rebuilt World Trade Center, according to real estate executives and city officials.

“They just can’t hire the bankers and traders they need,” said one landlord who has spoken with UBS but requested anonymity so as not to alienate a potential tenant.