Hot on the coattails of Credit Suisse, UBS are to become the second Swiss banking giant to set up offices in Wroclaw.
News of the move soon leaked when an online job advertisment was spotted for the position of General manager at UBS' new "Business Solution Center", which will be located here in Wroclaw.
In an article on Reuter's website, Dariusz Ostrowski, chief executive of the Agency for the Development of the Wroclaw Conurbation, said UBS was considering a city-center location. However, when quizzed by Reuters, a spokeswoman for UBS in Zurich declined to comment on the issue.
The aforementioned article also speculated that UBS's move to Wroclaw, as well as Credit Suisse's expansion in the city, is being fuelled by the rise in the Swiss Franc.
One Credit Suisse employee working here in Wroclaw, who wishes to keep his identity secret, is quoted as saying the following:
"The bank is making very big savings here"
"The pay for a similar job is at least twice as much in London"
"We have 3,000 people here now and I am hearing in the company that it will go up to about 5,000 …. IT, HR, operations and finance processes are being shifted to Wroclaw, mainly from London and Zurich"
Once they set up shop, UBS will join a long list of big companies operating in Wroclaw, which already includes IBM, HP, Credit Suisse, Nokia, Google, UPS, Opera and Qatar Airways.
The boost from these new jobs will no doubt serve Wroclaw's economy well in the short run. The question remains though – how long will they all stay around before they outsource somewhere even cheaper?