Thursday's Headlines: UBS Begins Move to New York City
UBS has begun its long-awaited move from Stamford, CT to New York City. The Swiss bank has already moved 50 staffers from its equity group, and plans to relocate 200 others later this year to its Manhattan offices at 1285 Avenue of the Americas, The Wall Street Journal reports.
The bank will keep some offices in Stamford, which remain its North American headquarters. The Wall Street Journal previously reported that UBS may lease more than a million square feet at 3 World Trade Center.
"One reason for the trading group's move to Midtown: UBS is looking at ways to consolidate real estate so its businesses can work more closely together. The firm reportedly has had difficulty recruiting top-tier talent willing to take the roughly one-hour train ride to Connecticut," the Wall Street Journal says.
JP Morgan Q2 profit gain higher than expected on improved mortgage and credit card write-offs. [Reuters]
John Paulson hedge funds doing ok despite Advantage losses. [Fortune]
Fidelity manager Joel Tillinghast taking time off this year, to return 2012. Wall Street Journal]
UBS, Credit Suisse to eliminate 6,000 jobs, Swiss papers say. [Reuters]
Morgan Stanley denies Fox report that it may fire hundreds of sub-par financial advisers. [Reuters]
Charles Schwab growing global investment options by linking up with Broadridge Financial Solutions. [Associated Press]