Spoiler alert: The following contains major spoilers for Industry Season 3, Episode 3

In the latest episode of Industry, we see various characters struggling with personal problems and professional setbacks during a trip to Switzerland for the COP climate conference.

The episode begins with a tense phone call in which Muck defends his actions while Eric Tao, who is leading the discussion, tries to deal with the fallout from Lumi’s failure. Eric receives a message from senior manager Wilhelmina Fassbinder offering him what appears to be a new opportunity, but which turns out to be a way for the company to put the blame on him. After Lumi’s poor IPO, other companies considering doing business with Pierpoint are nervous, fearing they will be treated the same way.

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Bill Adler, a key figure in Lumi’s launch, is on leave, which is corporate speak for suspended. Eric is now tasked with managing Pierpoint’s reputation and is sent to the climate conference in Switzerland to oversee Lumi’s public session. Yasmin, who was originally supposed to accompany him, is accompanied by Robert Spearing, who has insight into Lumi’s problems.

Meanwhile, Harper Stern, who was fired from Pierpoint, is working at FutureDawn. Petra Koenig, a senior manager at FutureDawn, has clashed with her boss Anna Gearing and is now planning to start her own investment firm. Petra and Harper travel to Switzerland to address investors at the conference and lure them away from Anna’s future business.

Petra and Harper want to make a name for themselves by launching a new fund called Leviathan and poaching investors from Anna. They struggle at first, but eventually gain momentum, especially when Harper impresses Otto Mostyn with her pitch and secures support for the fund.

Harper takes the opportunity to get revenge on Eric by making a scene at Lumi’s panel discussion. She publicly criticizes Lumi’s weak stock and reveals inside information that catches the attention of influential investor Peter Fergusson. This leads to Petra and Harper gaining backing for their new fund, Leviathan.

Meanwhile, Eric’s attempts to save his career fail miserably, leading to a humiliating encounter with Petra and Harper. Muck’s personal and professional life also falls apart when Yasmin convinces Muck to leave Lumi, which could help her deal with her own financial problems. She also uses her connections to help Harper, further complicating the dynamic between her, Eric and the new competitors.

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