UBS plans to open an office in Nashville, Tenn., for its support staff.
The Swiss banking giant said Wednesday that it expects to invest $36.5 million and to bring about 1,000 workers to the city as part of the expansion. The company will add the jobs over the next five years.
The planned Nashville Business Solutions Center will provide support services to all UBS divisions. The office is expected to open in the second quarter of 2014, a UBS spokeswoman said.
UBS does not expect to add to its overall headcount, the spokeswoman said. UBS already has about 300 workers in Tennessee, including 200 at its operations and IT office in Nashville. Many of the new Nashville workers will be relocated from UBS offices throughout the United States, while others will be added as employees in other offices leave, the spokeswoman said.
"Expanding our presence in Nashville is the right business decision for UBS," Kathleen Lynch, chief operating officer for UBS Group Americas and Wealth Management Americas, said in a press release. "The new UBS Nashville Business Solutions Center is part of our global strategy to continuously improve our efficiency and effectiveness for the benefit of our clients and shareholders."