The Gulf is starting to feel the impact of the global downturn. The Financial Times reports that Morgan Stanley, Credit Suisse and Goldman Sachs have cut around 10% of their regional staff, while government owned offshore developer Nakheel has axed 15% of its workforce. The high-profile project, Trump Tower on Palm Island will also make 500 staff redundant.

In the UK, HSBC has announced it is to cut 500 jobs, while London Scottish Bank has gone into administration putting 700 jobs at risk.

Credit Suisse is to slash 650 jobs, 250 jobs will go at Halford and Aston Martin is to axe 300 jobs.