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The famous red briefcase had its annual outing this week when George Osborne announced the UK’s budget for 2012. Osborne was keen to portray Britain as a welcoming home for investors, labelling the budget “unashamedly pro-business” whilst slashing corporation tax by two percentage points and cutting the top-rate of income tax from 50p to 45p. However, it was Osborne’s proposals regarding pensioners that generated the most controversy, with Thursday’s press dominated by criticism of Osborne’s alleged “granny tax” – a controversial freeze on tax allowances for pensioners.

This week George Osborne unveiled his budget; Steve Webb received pensions plaudits; and Andrea Orcel and Jonathan Moulds departed Bank of America.

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David Thomas

Bank of America

JPMorgan hires Citigroup’s top private equity banker Diamandakis

Cavendish ‘not up for sale’, seeks acquisitions after return to profit

RBC Capital Markets hires HSBC’s Raynsford to bolster UK investment bank

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

Barclays poaches Citi managing director for wealth private credit push

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Dale Walsh will accelerate growth of the private bank and wealth management’s lending business

Northern Trust taps UN pension fund for head of international role

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Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

Junior bankers at Robert W. Baird say such long hours weren’t unusual for industrials team.

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

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