• Bank of America landed $20 billion in additional aid to help it absorb Merrill Lynch. It also posted a loss of $1.79 billion for the fourth quarter. [NYT, WSJ]
• Citigroup reported an $8.29 billion quarterly loss. The beleaguered bank also said it plans to reorganize the company into two business units. [WSJ, NYT]
• UBS is selling parts of its commodities business to Barclays. [FT]
• AIG is paying a total of $619 million to retain employees. [NYP]
• Morgan Stanley and Citi are pulling clients' money from a fund run by Union Bancaire Privée, after it was exposed to Bernie Madoff. [DB]
• Citi is hiring! And you thought it was only laying people off these days. [NYP]