UPDATE: Barclays Cuts Costs, China Markets Shrug & Cyber Gang Hacked

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Barclays says it will go on a major cost-cutting drive as part of efforts to boost returns above 12% in the coming years, ending months of speculation about the future direction of one of Europe's largest investment banks. (2) Capital One has agreed to buy Discover in in a $35 billion all-stock deal to create the largest US credit card company by loan volume, giving the combined entity a stronger foothold to compete with Wall Street's behemoths. (3) China has ramped up support for the troubled property sector with its biggest-ever cut to a key mortgage reference rate, raising expectations for more aggressive measures to support the economy in the months to come. (4) A coalition of international law enforcement agencies, including the FBI and UK National Crime Agency, said they have disrupted LockBit, one of the most prolific hacker groups of all time, including shutting down websites the organization used for ransomware payments. (5) After decades of occupying different business areas, the last two remaining banks with links to the storied Rothschild name are encroaching on each other's territory. See omnystudio.com/listener for privacy information.