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Introducing: The Story of Money
The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian
Finale: The collapse of India’s $22bn tech star
For our final episode: Education start-up Byju’s quickly became the pride of India during the Covid-19 pandemic. But almost as fast as the company rose, it collapsed. The fallout has already resulted in millions of dollars’ worth of US cour
Private credit’s public reckoning
After years of fast-paced growth, private credit is facing intense scrutiny. In recent months, investors have made requests to withdraw billions of dollars from the $2tn sector’s funds. The FT’s US private equity and deals editor Antoine Ga
Best of: How the diamond industry lost its sparkle
This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but they are a fraction of the price. Eleanor
Introducing Untold: Opus Dei
Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, b
Wall Street and crypto battle over the future of money
US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since then, Wall Street banks have been fighting
Vote for Behind the Money in the NYC Podcast Awards!
Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here (https://www.silver-nyc.com/nycpodcastawards/vote). A
Co-creators Mickey Down & Konrad Kay on ‘Industry’
This week Michela and the FT’s US banking editor, Joshua Franklin, interview the co-creators of the hit television show, Industry. In its fourth season, the show follows the lives of ambitious young people making their way in London's finan
Companies reap $22bn from Trump’s immigration crackdown
Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run businesses – have secured hundreds of millions
How a private equity pioneer lost its grip on the market it invented
Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that marketplace on an even g
A hedge fund’s $8bn bet on Venezuela’s Citgo
When the hedge fund Elliott Management pursued the acquisition of the oil refinery business Citgo a few years ago, the deal was already a complicated one. A US court had ordered its current owner, Venezuela, to sell the business, and the co
How the Federal Reserve might change under Kevin Warsh
US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will tr
Can Wells Fargo make it in investment banking?
For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US bank
The rapid collapse of Saks Global
Saks Global, the parent company of the historic luxury department store Saks Fifth Avenue, recently filed for Chapter 11 bankruptcy protection. The move occurred a little more than a year after the company purchased Neiman Marcus and Bergdo
Davos’ fight for relevance
Every January a collection of the world’s top business and political leaders head to the Swiss town of Davos for the annual meeting of the World Economic Forum. The event is a week of panels and networking meant to promote dialogue among el
Martin Wolf on the economy in 2026
From the artificial intelligence bubble to trade policy, Michela asks Martin Wolf, the FT's chief economics commentator, how the biggest stories of last year will affect the economy in 2026. The FT does not use generative AI to voice its po
As digital scams surge, who’s responsible?
The surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that question to executives from Cit
The Economics Show: What economics gets wrong about human behaviour, with Richard Thaler
Economists like to model people as rational creatures who make self-interested decisions. But humans don’t act that way. Why do investors, politicians and ordinary people act against their best interests – and how can they be nudged into ma
The quiet success of Fidelity Investments
Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 per cent. The FT’s Emm
Whistleblowing in the UK, Ep. 2: Is it ‘British’ to pay whistleblowers?
In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corporate whistleblowers for coming forward. However, many in government have held the idea for
Business Book of the Year: Author Stephen Witt on Nvidia’s rise
In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews author Stephen Witt about his book The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip. Witt and his book won
Whistleblowing in the UK, Ep. 1: The cost of speaking up
For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their careers and livelihoods in
Coming soon: The cost of corporate whistleblowing in the UK
For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked their livelihoods in exchange for very littl
Business History: The Secret of Southwest’s Success
This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Smith explore what the businesses of the past can teach us about commerce today. In this episo
KKR, Bain and private equity’s push into Japan
When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout group
Coming soon from Tech Tonic: Defying death
Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes. And increasingly, it seems as though anti-ageing efforts have moved from the super rich
What’s the deal with OpenAI's deals?
OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial commitments also raise
Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs
Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biot
The $17bn nuclear start-up without any revenue
Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’s share price has jumped more than 400 per cent. But the business hasn’t generated any reven
$12bn of debt: How First Brands Group collapsed
Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on
