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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.

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in its first financial report under new Chief Executive Michael Corbat, who said the bank needs to do better for shareholders.

Former chief executive of Citigroup Vikram Pandit receives $15m after resigning from the banking giant last month.

Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, shocking Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.

Barclays has moved quickly to fill the void at the top. The bank Thursday named Antony Jenkins, the head of its retail and business banking unit, to succeed Robert Diamond, who was forced to resign July 3 after the Libor rate-rigging scandal.

Trading losses at Knight Capital Group Inc were about $270 million after taxes from the August 1 software glitch that sent the firm scrambling for a financial lifeline, Chief Executive Tom Joyce told clients in a letter.

Last week, the once-future Treasury secretary and current JPMorgan Chase CEO Jamie Dimon revealed a $2 billion loss. This previously undisclosed derivative trade should be a wake-up call for those claiming that finance has been “reined in” and no longer presents a threat to the global economy.

Shareholders of Citigroup rejected a board-approved pay package for CEO Vikram Pandit and other top executives, sending a loud and clear message that executive compensation needs to be tied to performance, or else.

As MF Global was in the final throes of a fatal cash crisis, CEO Jon Corzine gave "direct instructions" to transfer $200 million of customer funds to cover an overdraft, according to a congressional memo released Friday.

American International Group Inc is expected to name former Prudential Plc Chief Executive Mark Tucker as head of AIA, as it prepares the Asian life insurance unit for an initial public offering, a source familiar with the matter said on Sunday.