Swiss banking major UBS is planning to add 1,000 new jobs in Nashville over the next five years, expanding expand its Nashville operations by opening a business solutions centre for the Americas.
The Swiss firm currently employs about 300 people in two Nashville-area offices.
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The company’s expansion represents a US$36.5 million investment in a new shared-services centre that will service the company’s wealth management and investment banking divisions.
Kathleen Lynch, COO of UBS Group Americas and Wealth Management Americas, said: "The global strategy for UBS is to create regional hubs around the world. We have hubs in India, China, Poland and Nashville will be the Americas hub."
UBS declined to confirm the location of its new centre but has planned to lease about 90,000 square feet in the building formerly known as Regions Centre on Deaderick Street.
The expansion will be eligible for both state and local incentives, though officials have not yet placed a dollar sign on the incentive package.
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By GlobalDataTennessee Governor Bill Haslam and Mayor Karl Dean lauded the decision to choose Nashville for the centre.
The centre will include positions specializing in information technology, legal compliance and finance, among others.
Lynch said the some of the jobs will be filled by current employees in other UBS locations, whose positions will be shifted to the new nerve centre.
"We will be taking advantage of natural attrition that may be happening in other locations within the Americas region," Lynch said.
"What we will be doing is looking at the employee base, and it is part of our strategic agenda where we can be more efficient and effective in how we service our businesses," she added.
