STAMFORD - Despite rumors it was looking to move to New York City, Stamford's largest employer is staying put.

UBS will be getting $20 million in incentives to stay in the city.

Gov. Dannel Malloy announced the deal to keep at least 2,000 jobs in the state on the same day the Swiss banking giant said it will be cutting 3,500 jobs worldwide.

The governor and UBS officials say while they are making some changes, they will likely not cut any positions.

UBS pledges to keep thousands of jobs in CT