After a review of its office space, UBS has decided to maintain a "significant presence" in Connecticut, where its US headquarters are located, a spokesperson has confirmed.

The review encompassed the Swiss firm's operations in New York, New Jersey and Connecticut, and particularly focused on investment banking-related activities.

"Given today’s uncertain economic conditions, we need to maintain maximum flexibility to plan and manage for the future. We have therefore decided that for the time being we will maintain a substantial presence in Connecticut in addition to our existing locations in New York City (1285 Avenue of the Americas, 299 Park Avenue) and on the New Jersey waterfront," the bank said.

It did not specify a number of employees that will be moved as a result of the review.

The news UBS is maintaining its Connecticut office comes just after it emerged the firm is shedding 3,500 jobs, with 45 per cent of these falling at its Wealth Management business. An overall 10 per cent of the job reductions - which will come from attrition and redundancies - will hit Wealth Management Americas. However, reports yesterday said these will not affect client-facing and advisor roles. Indeed, the Swiss banking giant has hired a number of advisory teams in the US recently from rivals.