UK Rout Deepens, Reeves' Considers Cuts, 100,000 Flee LA Fire & A.I. Banking Impact Exclusive

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Plunging UK markets are serving a fresh warning about the British economy and heaping pressure on Keir Starmer’s embattled Labour government. (2) Britain’s latest bond turmoil has drawn comparisons with the Liz Truss mini-budget debacle of 2022 but a parallel with the debt crisis of the 1970s might be more apt. (3) The 92 global banks in Bloomberg Intelligence's coverage may see a 12-17% ($120-$180 billion) lift to 2027 pretax profit as artificial intelligence powers productivity gains, based on our survey of chief information and technology officers. Job cuts could reach 200,000 in 3-5 years, applying the 3% average expected cut cited in the anonymous survey to the group. (4) The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts. (5) Los Angeles plunged into its worst natural disaster in decades as wildfires driven by hurricane-strength wind gusts tore through prosperous neighborhoods, killed at least five people and forced more than 100,000 residents to flee. See omnystudio.com/listener for privacy information.