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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.

The Swiss financial giant UBS is close to finalizing a settlement with authorities over the manipulation of interest rates, a deal that is expected to include at least $1 billion in fines.

Former UBS trader Kweku Adoboli was convicted on Tuesday of one count of fraud related to a loss of $2.3 billion.

UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis.

The trial of a former trader accused of causing the largest unauthorised loss in British history - £1.4bn at UBS - will start later.

UBS decried a proposal from Nasdaq to make up losses for firms damaged in the Facebook stock-market debut, joining a growing chorus of Wall Street players that are calling on regulators to reject the exchange operator's plan.

UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.

The head of Swiss banking giant UBS Oswald J. Gruebel has resigned in the wake of a $2.3 billion loss in unauthorized trading, the bank announced Saturday.

While UBS CEO Oswald Gruebel battled to keep the Swiss bank's investment arm and save his job, the trader accused of unauthorized deals that lost the bank $2.3 billion said he was "sorry beyond words."

Oswald Gruebel, the chief executive of UBS, has dismissed calls for his resignation as politically motivated, even as the Swiss banking giant raised its estimated loss by a rogue trader to $2.3 billion.