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.Let's see? Manhattan or Connecticut? which would I prefer? Who picks Wonder Bread when they can have an artisan whole grain? Of course young bankers want to live in Manhattan. Have you ever been to Stamford?
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 the 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,...