US investment banking expected to stay in the doldrums
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 14 July 2025
⏱️ 11 minutes
🧾️ Download transcript
Summary
The EU has put trade retaliations against the US on hold, and US investment banking is set to extend its losing streak. Plus, the FT’s Eleni Varvitsioti explains how Greece recovered from economic disaster in the past decade, but still has work to do.
Mentioned in this podcast:
EU pauses trade retaliation against US after Trump’s 30% tariff threat
Investment banking set to extend worst run in over a decade
How Greece came back from the brink
Today’s FT News Briefing was produced by Persis Love, Sonja Hutson, Katya Kumkova, Mischa Frankl-Duval and Marc Filippino. Additional help from Alexander Higgins and Peter Barber. Our acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
| 0:07.1 | and we're working hard to help the UK's energy transition. |
| 0:10.1 | We may not have all the answers yet, but we're determined to find them. |
| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low carbon |
| 0:22.4 | solutions has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com. |
| 0:33.2 | Good morning from the Financial Times. Today is Monday, July 14th, and this is your FT News briefing. |
| 0:41.0 | The EU delays imposing tariffs on the US. Investment banking on Wall Street is still feeling the pain. |
| 0:48.8 | Plus, it's been 10 years since Greece's economy was in dire straits. We take a look at how it turned things around. |
| 0:56.5 | I'm Persis-love, and here's the news you need to start your day. |
| 1:08.9 | The EU is pausing plans to hit the US with tariffs. |
| 1:13.2 | It hopes to reach a new trade agreement instead. |
| 1:16.4 | The European Union had planned to impose 21 billion euros worth of tariffs on US goods starting this Tuesday. |
| 1:23.7 | But then, this weekend, US President Donald Trump said he would slap the block with 30% tariffs beginning August 1st. |
| 1:31.5 | So now, the EU is delaying its levies. |
| 1:35.4 | European Commission President Ursula von der Leyen said they would prefer a negotiated solution with the US. |
| 1:52.4 | Looks like there's going to be another bad quarter for US investment banking. |
| 1:58.0 | For the 14th quarter in a row, analysts are predicting investment banking will make up less than 25% of Wall Street revenues at the biggest US banks. |
| 2:03.0 | Meanwhile, trading is flourishing. |
| 2:05.8 | We'll get the final figures this week when major US banks report their earnings, but |
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