Investment bank UBS adding 1,000 jobs in Tennessee

FILE - (AP Photo/Keystone, Steffen Schmidt, File)

NASHVILLE, Tenn. (AP) -- Financial services firm UBS AG says it will consolidate back office functions in Nashville, creating 1,000 jobs in the city over the next five years.

Kathleen Lynch, the chief operating officer of UBS Group Americas and Wealth Management Americas, announced Wednesday that the Swiss bank is investing more than $36 million in the city, where it already employs more than 200 people.

Tennessee Gov. Bill Haslam and Mayor Karl Dean lauded the decision to choose Nashville for the center. Both state and local incentives played a role in landing the investment, but both said final details are still being worked out.

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 center.



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