STAMFORD, Conn. (AP) - Gov. Dannel P. Malloy says financial services giant UBS has committed to remaining in Connecticut through 2021.
STAMFORD, Conn. (AP) — Gov. Dannel P. Malloy says financial services giant UBS has committed to remaining in Connecticut through 2021.
The Democrat announced Friday that UBS and the state have amended their partnership agreement. It provided UBS with a $20 million loan that was fully forgivable if the company maintained 2,000 jobs for five years. Under the amended arrangement, the same $20 million loan will be forgiven, but the percentage of forgiveness will be based on the number of jobs retained annually, through 2021.
Economic Development Commissioner Catherine Smith said if the number of jobs declines, a portion of the loan must be repaid. She called the new formula "a win-win proposition."
Malloy recently cast doubt that UBS, with offices in Stamford, would keep the 2,000 jobs through the end of 2016.