To say our economy is a made-up system is both comforting and terrifying. The work that Yas (Marisa Abela), Rob (Harry Lawtey), Eric (Ken Leung) and Harper (Myha’la) do every day is based on that belief. When Lumi’s launch is inadvertently thrown into chaos (by the power outage that accompanied the IPO), Eric tells Yas, “It’s all just a smokescreen. But it’s inextricably linked to reality.” You create reality, he tells her, which is both a great motivational speech and a grim vision of how the modern global economy works—subject to the whims of petty men and women like Eric and Yas, like wealthy CEO Henry (Kit Harington) and socially conscious investor Anna (Elena Saurel), who feel torn between the world they see and the one they want to create, between the profits they’re already making and the money they so desperately want to multiply exponentially.

It is a pretty bleak outlook on the world and our economy – but one that, as always in industryis peppered with scenes that shift so effortlessly between tragedy and farce that you’re constantly left wondering how a show about stock trading can be so insightful and so funny at the same time. And yet here we are, with season three set against the backdrop of the IPO of Henry’s company Lumi, setting the stage for conversations about responsible investing, privileged spoiled brats, and the indifferent men and women that late capitalism is hell-bent on producing.

While London quickly recovers from the blackout, the folks at Pierpoint are desperately trying to get the public trading vessel Lumi back on course – which is a challenge, as Eric fired Kenny (Conor MacNeill) on a whim, and both Yas (after a coke-fueled evening) and Rob (after seeing Nicole’s body that same morning) are trying to just get through the day. But they have to try, even when Otto Mostyn (Roger Barclay) calls to annoy Yas even more, causing her to nearly faint on the spot. Just don’t expect Eric to forgive: “You want to know what’s worse than a ringing phone?” he yells at her. “QUIET!”

Meanwhile, we witness how quickly Henry’s likable facade can crumble, when it should be the crowning moment for Lumi’s founder and CEO. When Henry and Rob return to the Lumi offices to regroup after what seems like a spectacular debacle that has resulted in an ever-declining valuation, Henry is panicked but composed. His smile may show he’s fine, but his eyes let us know he’s anything but fine—so much so that he begins making increasingly irrational decisions, including deciding to speak to the press (an idea Rob rightly believes is the wrong approach): “I respect the man on the street, not the man in the office,” he tells a friendly reporter over Zoom, inadvertently admitting that smart investors may have abandoned Lumi even before that morning, a quote that ultimately sends Lumi stock into a downward spiral and leaves Pierpoint desperately trying to keep it from hemorrhaging.

Rob knows how bad things look – for Lumi and for himself. That’s enough to encourage him to finally confront Henry, who finds himself helpless in the children’s play area of ​​his office, glazed over at what could have been, as if watching his righteous plans go down in a blazing fire that would bring glory to no one. Their confrontation is arguably the episode’s high point, with working-class Rob becoming overly emotional as he attacks Henry’s wealthy, privileged upbringing: “Your victories are yours, and your defeats are someone else’s problems,” he screams at him. Which leads to the best line of the episode: “Why don’t you just call me a posh cunt?” Henry taunts him. (Rob won’t do that, of course. He’d rather let everyone else call Henry that behind his back.)

Did one of us have “Rob and Henry fighting each other with a sunflower plush toy” on our industry Season 3 bingo card? That’s what I thought. And yet it’s refreshing to see such class warfare portrayed so brutally here. Is Rob really a parasite who can’t back up his high-sounding morals? Is Henry not better off because he wants to make money and make the world a better place at the same time? Does that make a difference, considering that this fight is just a toy for both of them and has few consequences other than bruised egos?

On the other hand, it is the egos, whether hurt or not, that make up the financial world – or at least the world of Industry. Because while Lumi stock is plummeting as Henry’s weaknesses become fodder for insider gossip and tabloid speculation, Anna of FutureDawn Partners is having a nervous breakdown of her own. She has invested heavily in Lumi and is trying not to panic as she sees the numbers slowly falling. To make matters worse, Petra (Sarah Goldberg) flatters Harper and is desperate to hear her advice on how to hedge their investments against their Lumi exposure (a bet on natural gas and oil, of course). Petra knows she shouldn’t do this without Anna’s blessing, so she does it without consulting her, with Harper using her Pierpoint information to get Yas and a junior trader to get a solid price on those shares.

Sarah Goldberg (Photo: Simon Ridgway/HBO)

But when Anna finds out… well, all hell breaks loose. She insists that she expected more from Petra. They’re friends! She’s her child’s godmother! Yet despite all these threats, Petra remains cool, calm, and collected. “Just be a damn human!” Anna yells at her, hoping she’ll explain why she’s so opposed to the company’s mission. Petra, of course, thinks she’s right. She doesn’t let this emotional outburst deter her. She’s tired of losing money and being guided not by profitable decisions but by feigned idealism. Before Anna storms off (after dismantling Petra’s keyboard and taking it with her), she turns to Harper, who was forced to witness the whole argument: “You are exactly what everyone said you were.” A nasty blow, and perhaps, as Petra suspected, an unintentional vote of confidence.

Harper stays alone and calls Pierpoint. Eric answers. She says nothing.

Back at Lumi, the board is ready to sit Henry down and give him a dressing down, but he’s not going to give in that easily. He puts on his trademark smug smile, and as the show’s music builds the tension in the room, we see how his gruff charm has gotten him this far. What follows is all machinations to prevent Lumi’s spectacular flop. And it’s all Yas’ idea: when she finds out that Otto Mostyn (Roger Barclay) is meeting the guy from British Electric at her oh-so-exclusive club, she arranges a meeting between Rob and Henry (who are now reconciled after the spoiled, rich CEO apologized, as did Rob) and, in a clever diversion, has them photographed together by paparazzi she herself summoned, who are still hungry for paparazzi on the “embezzlement heiress.” Eric may blame Yas for such tricks – which veer so close to unethical territory – but perhaps these are the very tricks that help Lumi recover.

And it’s enough to get her an invitation from Henry. And it’s both a date and a brazen seduction that Yas uses to her advantage, for the most part. Knowing he’s into piss play (yes, really), she leads him to the bathroom, where she turns him away but lets him stay there while she hops into a stall to pee. It’s enough to drive him crazy. Why else would he run off but leave her a very expensive bottle of wine that the waiter refuses to uncork for her since it’s so rare and old?

But Yas is ready to celebrate. She uncorks the drink herself right outside and drinks it without restraint, which leads us into a…FLASHBACK!

We’re now back in Mr. Hanani’s boat and see how he tried to work things out with Yas. This leads us to the brief physical altercation we witnessed last week (which ended with her being doused in wine). But there’s a twist: Harper was there too. But before her memory can tell us more, she is pulled back to the present, where a guy on the bus takes photos of her drinking this fine wine. Then she scurries off into the night, trying to put it all behind her.

Scatter observations

• • Do we think Rob will ever tell anyone about Nicole? Or will he let his grief rest? And what to make of that awkward encounter between him and Nicole’s teenage daughter (!)?
• • I think it’s so funny to name your tabloid-obsessed, influencer-driven Gen-Z character “Sweetpea Golightly” (played by Miriam Petche).
• • Of course, Lumi has a “no jackets” rule.
• • Like everyone who watched Barry I can tell you that Sarah Goldberg is a brilliant actress – so it’s no surprise that she makes Petra such a wonderfully fascinating character, a kind of no-nonsense trader who cares about profit but also has a winning attitude that is not quite as gentle as Anna’s and not quite as cruel as Eric’s and not quite as insidious as Harper’s. She may be indifferent, but she is not dispassionate.
• • Speaking of Petra, she could yet prove to be a great ally for Harper: “There is nothing cruel or inhumane about reasonable selfishness,” she tells her. But she wants Harper to curb her joy in accusing Pierpoint. It’s good advice, and perhaps the door to a more fruitful relationship. Oh, and FYI, she knows Harper didn’t graduate. It’s unclear whether that’s phrased as a threat or an offer – perhaps both at the same time.