Job postings are already going up after global wealth manager UBS announced the creation of a new office in Nashville. The Swiss bank plans to add a thousand jobs over the next five years. This is more than just an expansion of the current UBS operations in Nashville. The company has more than 200 employees in town, primarily from the acquisition of what was brokerage firm J.C. Bradford.
The new jobs support the bank in multiple countries.
“The global strategy for UBS is to create regional hubs around the world,” says UBS Americas chief of operations Kathleen Lynch. “We have hubs in India, China, Poland. And Nashville will be the Americas hub.”
Entry-level positions include “trade processing specialists.” Others – like a mainframe operator – require more experience.
Lynch wouldn’t say how much average pay would be, but Nashville Mayor Karl Dean says it will be “far more” than the city’s average wage - roughly $41,000.
Several companies have recently located “back office” functions in the Nashville area. They include Loews Hotels, Aramark and ServiceSource. (list compiled by Nashville Area Chamber of Commerce)
Currently most of the UBS back office functions are handled in the New York City area, says Jerry Johnson, UBS managing director in Tennessee. The company doesn’t plan on cutting workers elsewhere, but other offices may shrink through attrition as the Nashville office staffs up.
“This will be the growth market for the back office support,” Johnson says.
UBS has not announced where it will be setting up shop, though the company has been scouting for space in downtown high-rises. An announcement is expected in September.
The state has offered an unspecified cash grant as an incentive. Metro officials have offered a per-job credit, though neither has made public the value of those enticements.