Recession watch: International and local gloom as companies large and small shed jobs

On the day that Swiss bank UBS announces 8,700 redundancies worldwide, a Welsh engineering firm goes under and the downturn reaches the ferry market today announced plans to cut 8,700 jobs globally, warning that it was going to make first-quarter losses of almost 2bn Swiss francs (£1.18bn). The bank will cut staff levels from the current 76,200 in 50 countries to 67,500 in 2010. The latest losses reflect a further SFr3.9bn writedown of its toxic assets. The announcement comes just two months after UBS said it was cutting at least…

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