FRANKFURT Nov 12 UBS is looking to
sub-let office space in its landmark 168 metre high OpernTurm
tower in Frankfurt in a reflection of the Swiss bank's
scaled-back ambitions in the harsher environment for lenders.
UBS unveiled plans on Oct. 30 to fire 10,000 staff and wind
down its fixed income business, returning to its private banking
roots as it adapts to tough capital rules that make it harder to
turn a profit from trading.
The Swiss bank, which has been the main renter in the modern
luxury office block since the building opened in 2010, had
planned for a growing number of employees when it signed the
lease agreement for its German headquarters building in 2006, in
the boom days of banking. It had around 1,100 employees in the
Frankfurt area at the time.
"We have asked a broker to find a sub-tenant for the empty
space," the bank said in a statement on Monday.
A UBS spokeswoman declined to say how much office space the
lender was seeking to give up or how much money it hoped to
Finding a sub-renter may be difficult, however, with top-end
rents of nearly 40 euros ($50.84) per square metre for high
quality office space in Frankfurt, like the OpernTurm.
UBS initially rented about 31,000 square metres or about
half the total space of the building, which stands across the
street from Frankfurt's prestige Alte Oper concert hall, built
($1 = 0.7868 euros)
(Reporting by Arno Schuetze and Kathrin Jones, writing by
Jonathan Gould; editing by Louise Heavens)