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Mostly Back office operations and wealth management, I doubt IBD.
http://www.zacks.com/stock/news/107946/UBS-AG-to-Expand-in-Tennessee
Other banks have been doing the same to reduce costs (GS in Salt Lake & Bangladesh, JPM Brooklyn, Citigroup in Queens, Deutsche in Florida, UBS jersey uk etc etc etc) but its mostly for back office jobs or support most client facing roles will stay in NYC, London. For example GS has some GIR and IMD in SLC but these role don't have as much client exposure as you would expect, they mostly support teams in NYC.
http://www.bloomberg.com/news/2014-02-26/jpmorgan-said-to-plan-move-of-…
What @"taquito 879" said
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