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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) UBS is planning to cut more than half of Credit Suisse's 45,000-strong workforce.

(2) Investment banking revenue tumbles at Jefferies as mergers and acquisitions dry up.

(3) Reports suggest the US is preparing to limit the sale of AI chips to China.

(4) Price cuts point to the start of a downturn in the UK property market. 

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:
(1) UBS is planning to cut more than half of Credit Suisse's 45,000-strong workforce.
(2) Investment banking revenue tumbles at Jefferies as mergers and acquisitions dry up.
(3) Reports suggest the US is preparing to limit the sale of AI chips to China.
(4) Price cuts point to the start of a downturn in the UK property market.

Bloomberg Daybreak Europe is the daily morning podcast that helps you understand the stories shaping Europe and the world before the day gets going.

Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.

Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg’s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.

Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe is the essential way to start your morning informed and ahead.

Bloomberg Daybreak Europe is the daily morning podcast that helps you understand the stories shaping Europe and the world before the day gets going.
Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.
Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg&rsquo;s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.
Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe&nbsp;is the essential way to start your morning informed and ahead.

Bloomberg Daybreak: Europe Edition

UBS To Cut More Than Half of Credit Suisse's 45,000 Staff

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/eaf0d1f0-997d-406c-adfa-b02f005e9e72/transcript

The Supreme Court has struck down Donald Trump’s sweeping global tariffs. 

Breaking news analysis from Bloomberg:

In a 6 to 3 ruling, the Court struck down President Donald Trump’s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House. 

The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking. 

However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program. 

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:

Tyler Kendall, Bloomberg Washington Correspondent
June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law 
Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners 
Dave Townsend, Partner at Dorsey and Whitney

Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration’s broader trade agenda.

The Supreme Court has struck down Donald Trump&rsquo;s sweeping global tariffs. 
Breaking news analysis from Bloomberg:
In a 6 to 3 ruling, the Court struck down President Donald Trump&rsquo;s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House.&nbsp;
The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking.&nbsp;
However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program.&nbsp;
For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:
Tyler Kendall, Bloomberg Washington Correspondent June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law&nbsp; Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners&nbsp; Dave Townsend, Partner at Dorsey and Whitney
Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration&rsquo;s broader trade agenda.

Instant Reaction: Trump’s Global Tariffs Struck Down

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/678e0d87-ed5d-4e29-a6d5-b3f70111efd0/transcript

Your morning briefing. All the news you need to start your day

On today's podcast:

(1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program.

(2) US President Donald Trump’s latest retraction of support for Britain’s deal to hand the Chagos Islands to Mauritius comes as the UK government holds off giving permission for him to use the Diego Garcia military base in the archipelago for any possible strike on Iran.

(3) The arrest of Andrew Mountbatten-Windsor on suspicion of misconduct in public office is a fresh nadir for the UK's most powerful family.

(4) European Central Bank President Christine Lagarde reiterated calls for global partnership to salvage an international order that not only benefits the strongest.

(5) Bank of America is committing $25 billion to private-credit deals, joining its Wall Street rivals in putting its own balance sheet behind lending in the fast-growing market, according to people with knowledge of the matter. 

Podcast Conversation: The Boss’s Best Party Ever

Your morning briefing. All the news you need to start your day On today's podcast: (1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. (2) US President Donald Trump&rsquo;s latest retraction of support for Britain&rsquo;s deal to hand the Chagos Islands to Mauritius comes as the UK government holds off giving permission for him to use the Diego Garcia military base in the archipelago for any possible strike on Iran. (3) The arrest of Andrew Mountbatten-Windsor on suspicion of misconduct in public office is a fresh nadir for the UK's most powerful family. (4) European Central Bank President Christine Lagarde reiterated calls for global partnership to salvage an international order that not only benefits the strongest. (5) Bank of America is committing $25 billion to private-credit deals, joining its Wall Street rivals in putting its own balance sheet behind lending in the fast-growing market, according to people with knowledge of the matter. Podcast Conversation: <a href="https://www.bloomberg.com/news/articles/2026-02-19/charity-galas-birthdays-new-year-s-in-rome-ceos-on-the-best-party-ever?srnd=phx-pursuits" data-destination="https://www.bloomberg.com/news/articles/2026-02-19/charity-galas-birthdays-new-year-s-in-rome-ceos-on-the-best-party-ever?srnd=phx-pursuits">The Boss&rsquo;s Best Party Ever</a>

Trump Gives Iran 10 Days, UK Royal Family In Crisis,  A Data Dependent Career

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/2855c7c8-b77e-4105-a816-b3f7006dd325/transcript

Your morning briefing. All the news you need to start your day

On today's podcast:

(1) Federal Reserve officials appeared surprisingly wary of cutting interest rates when they met last month, with several even suggesting the central bank may need to raise rates if inflation remains stubbornly high.

(2) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools.

(3) French President Emmanuel Macron said the free speech defense of social media platforms is “pure bullshit,” pushing back against a key foreign policy goal of President Donald Trump.

(4) Oil steadied after its biggest daily gain since October, following a report that American military intervention in Iran could come sooner than expected.

(5) Nestlé is considering further reducing its footprint in the ice cream business, as new Chief Executive Officer Philipp Navratil reviews the company’s sprawling operations, people with knowledge of the matter said.

(6) Denmark's economy looks robust on paper, with employment at a record high and public finances strong, but many Danes are anxious about their professional futures due to layoffs at major companies. 

Podcast Conversation: Travellers Are Dying To Solve A Murder Mystery On Vacation

Your morning briefing. All the news you need to start your day On today's podcast: (1) Federal Reserve officials appeared surprisingly wary of cutting interest rates when they met last month, with several even suggesting the central bank may need to raise rates if inflation remains stubbornly high. (2) OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools. (3) French President Emmanuel Macron said the free speech defense of social media platforms is &ldquo;pure bullshit,&rdquo; pushing back against a key foreign policy goal of President Donald Trump. (4) Oil steadied after its biggest daily gain since October, following a report that American military intervention in Iran could come sooner than expected. (5) Nestl&eacute; is considering further reducing its footprint in the ice cream business, as new Chief Executive Officer Philipp Navratil reviews the company&rsquo;s sprawling operations, people with knowledge of the matter said. (6) Denmark's economy looks robust on paper, with employment at a record high and public finances strong, but many Danes are anxious about their professional futures due to layoffs at major companies.&nbsp; Podcast Conversation: <a href="https://www.bloomberg.com/news/articles/2026-02-18/vacations-are-for-solving-crimes-with-rise-of-murder-mystery-trips?srnd=phx-pursuits" data-destination="https://www.bloomberg.com/news/articles/2026-02-18/vacations-are-for-solving-crimes-with-rise-of-murder-mystery-trips?srnd=phx-pursuits">Travellers Are Dying To Solve A Murder Mystery On Vacation</a>

Fed's Hawkish Turn, Meta Resists Age Limits, Denmark's Diet Economy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c5e12fdc-5e45-4cb1-bc85-b3f6006b2c24/transcript

UBS To Cut More Than Half of Credit Suisse's 45,000 Staff

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