The UK's energy partner.

Learn more at equinore.

Good morning from the newsroom of the Financial Times.

Today is Monday, July 8th, and this is your FT news briefing.

Iran is set to break the uranium enrichment limits imposed by the 2015 nuclear deal.

Greece's center right party is on course to regain power after a sweeping general

election victory and a new survey of some of the world's largest fund managers

shows investors are bracing for a global recession.

But first, we're turning to Deutsche Bank.

The FT's Stephen Morris breaks down the German lender's radical overhaul

as it exits equities trading and cuts 18,000 jobs.

I'm Mark Filipino, and here's the news you need to start your day.

Deutsche Bank has been struggling for the past two decades to make its investment bank work.

In 1999, Deutcha bought the U.S. Investment Bank Bank Bank Bank Bank Bank Trust, and with that acquisition

made some profits in the years leading up to the financial crisis.

But after the crisis, Deutia ran into huge problems. Banks were required to hold more capital

and were more constrained on how much they could leverage

to make bets.

And Germany's largest bank was getting hit with huge fines for compliance failings and

for misselling assets in the run-up to the crisis. The lender has had five different

strategies in the past seven years, and another one came on Sunday.

And what happened on Sunday was the most significant overhaul we've seen.

...