Here's a quick look at what happened in the industry in Q4 2011.
Bank of America agrees to pay $335m to resolve allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against qualified African-American and Hispanic borrowers in their mortgage lending from 2004 through 2008.
Royal Bank of Scotland is said to be planning to 'significantly' reduce the size of its Global Banking & Markets business.
Morgan Stanley confirms 1,600 job losses.
Credit Suisse is said to have reduced its 2011 bonus pot by 40%.
The Financial Industry Regulatory Authority (FINRA) announced that it had fined Wells Fargo Investments $2m for unsuitable sales of reverse convertible securities through one broker to 21 customers, and for failing to provide sales charge discounts on Unit Investment Trust (UIT) transactions to eligible customers.
Commerzbank is said to have cancelled the firm's Christmas party, imposed a hiring freeze and frozen base salary rises.
Citigroup announces 4,500 worldwide job losses.
Jefferies published an Open Letter designed to get the facts out about its business and quash the 'half-truths, falsh rumors, and lies' being spread around the market about the firm.
Goldman Sachs announces the appointment of 261 new Managing Directors
Billionaire private equity investor Ted Forstmann, 71, died brain cancer.
UBS announces the appointment of Sergio Ermotti as Group CEO
Kaspar Villiger, Chairman of the Board of Directors over at UBS announces he will step down in May 2011, a year earlier than planned, and hand over to his designated successor Axel Weber.
S&P downgrades France (by mistake).
MF Global announces the resignation of CEO Jon Corzine
MF Global files for bankruptcy
FINRA Fines UBS Securities $12m
FSA fines Credit Suisse $9.52m
Citigroup agrees to pay $285m to settle SEC charges that its principal U.S. broker-dealer subsidiary mislead investors over a $1bn collateralized debt obligation (CDO) tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs of distress.
JPMorgan CEO Jamie Dimon says that 1,000 investmetn banking jobs will go.
Galleon Group hedge fund co-founder Raj Rajaratnam was sentenced to 11 years in jail for conspiracy and securities fraud. He was found guilty of insider trading related crimes earlier in the year. Rajaratnam was also fined $10m.