US - The Bank of New York has acquired Pershing - which provides clearing services to fund managers and brokers - from Credit Suisse First Boston for Us$2bn (£1.25bn).
The custody giant will finance the deal by issuing US$900m of bonds and US$1.1bn of equities.
The deal is subject to regulatory approval but the Bank of New York expects it to be completed before the end of June.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.