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Breaking News: Meteor Shower This Weekend: Here's When To Watch In Fairfield County
business

NY Times Looks At Shrinking Financial Scene In Stamford

The City of Stamford
The City of Stamford Photo Credit: www.wikipedia.org

STAMFORD, Conn. -- Ending a hard day's work was easy with a quick visit to Morton's Steakhouse for many UBS traders, but as the industry began to dwindle and serious cutback were made within UBS and the Royal Bank of Scotland, the financial scene continues to deteriorate for Fairfield County residents, according to the New York Times.

The cutbacks are hitting businesses hard, with Stamford business in the middle, including RBS. With the bank's home continent facing severe debt crises, less than half of the employees are still there, from the business's high point in 2007, the story said. UBS faces the same cutbacks, dropping 2,400 employees last year after the crisis, reported the New York Times.

Although UBS was once considered one of the world's largest trading floors, more cutbacks are to be expected, according to the New York Times.

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