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The central bank affirmed that it would keep up its existing efforts to stimulate the economy, even though it expected a return to moderate growth.

The European Central Bank is prepared to cut off funding to Cyprus and let the Mediterranean island succumb to financial meltdown if it has to, confident it has unlimited firepower to protect the rest of the euro zone.

A Senate panel has issued a scathing assessment of JPMorgan's $6.2 billion trading loss last year. The investigation found that bank officials ignored growing risks and hid losses from investors and federal regulators.

The new head of UBS's investment bank Andrea Orcel received a $26m (£17m; 20m euros) "golden hello" in 2012, the bank's annual report has revealed. Mr Orcel is in the process of overhauling the investment business, with 2,000 job losses expected.

Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.

The European Central Bank has left its benchmark interest rate unchanged at a record low of 0.75 percent, holding off on further stimulus even though the euro area remains stuck in recession.

The data is likely to put pressure on the European Central Bank to cut interest rates at its next meeting.

Discover Financial Services is adding checking accounts to its array of financial-services products as the credit-card lender continues to build out its online bank.

US bank JP Morgan Chase reveals plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.

Punishing the bankers who brought on the financial crisis has proved distressingly difficult. None have gone to jail. A few young traders, who hid their post-crash losses and thereby stole from the banks, are behind bars. The rest are untouched by the tragedy.