Behind the Money

This week, Michela joins live from the FT’s Global Banking Summit in London. She sits down with three reporters and editors to analyse how the banking industry will shape up during Donald Trump’s second term in the White House. She’s joined by the FT’s US financial editor Brooke Masters and banking editor Ortenca Aliaj alongside Michael Klimes, investment banking and capital markets editor at The Banker. They discuss what banks stand to gain and lose, and what the industry may look like four years from now. The conversation was recorded on December 3 2024. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:A Wall Street giddy over Trump should remember historyIn Donald Trump, Wall Street will get what it wanted — and what it did notTrump 2.0: winners, losers and Elon- - - - - - - - - - - - - - - - - - - - - - - - - - Michela recently joined Bluesky, follow her there: @mtindera.bsky.social, Her guests are also on Bluesky: Brooke Masters (@brookeamasters.bsky.social) and Ortenca Aliaj (@ortenca.bsky.social), or follow Michael Klimes reporting at FT’s The Banker (@thebanker.bsky.social) Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Not long ago, the Swedish battery maker Northvolt was seen as Europe's best hope for staying competitive with other global players during the green transition. Investors flocked to it, and it even became the continent’s best funded startup. But things look very different now. The company is fighting for survival and even filed for Chapter 11 bankruptcy in November. The FT’s Nordic and Baltic bureau chief Richard Milne spent years reporting on Northvolt and explains its meteoric rise and what its implosion means for Europe’s battery industry. Clip from Aftonbladet- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Europe’s battery champion descended into crisis‘There was so much promise’: How Northvolt tumbled into bankruptcyThe Northvolt dilemma: can European EVs avoid relying on Asian batteries?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Richard Milne (@rmilneNordic) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re going back to Omaha, Nebraska. Behind the Money and the FT’s senior corporate finance correspondent travelled there this spring to attend Berkshire Hathaway’s annual shareholder meeting. America’s “last great” conglomerate is preparing for a leadership transition, and we examined what Warren Buffett’s empire will look like after he’s no longer at the helm. Clips from CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Berkshire after Buffett: is Greg Abel up to the top job?Berkshire after Buffett: prized energy business faces upheavalBerkshire after Buffett: the risk ‘genius’ pulling the insurance stringsBerkshire after Buffett: can any stockpicker follow the Oracle?- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Eric Platt (@ericgplatt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Hosted on Acast. See acast.com/privacy for more information.

Lately, China’s economy has been in the doldrums, with the risk of a “deflationary spiral” lurking. Plus, toss in the election of Donald Trump in the US — and reaching the economic goals President Xi Jinping set more than a decade ago looks even more difficult. The FT’s China bureau chief Joe Leahy examines Beijing’s latest plans to fix the country’s economy and whether it will be enough to keep up with Xi’s long-term plans for growth.  Clips from Bloomberg, CBS, Yahoo Finance - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Why Xi Jinping changed his mind on China’s fiscal stimulusWhy China is betting on local governments to spur the economyIf China’s statistics can’t be scrutinised, doubts about the economy will only grow- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joe Leahy (@leahyjoseph) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Who will corporate America's winners and losers be under four more years of Donald Trump? This week, the FT’s Brooke Masters, Stephen Morris and Jamie Smyth explain what changes a second Trump administration will bring to three crucial sectors: Wall Street, tech and energy.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can the renewables boom withstand Trump?A Wall Street giddy over Trump should remember historyWho’s who in the Musk ‘A-team’ vying to shape Trump 2.0Trump 2.0: winners, losers and Elon- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Brooke Masters (@brookeamasters), Stephen Morris (@sjhmorris), Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Workers getting share in windfalls as private equity firms soften imagePrivate equity groups’ assets struggling under hefty debt loads, Moody’s saysBlackstone plans to list some of its largest investments - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@antoinegara) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On November 5, voters in the US will head to the polls to decide who should be the next president: Donald Trump or Kamala Harris. But over the past several months, people from around the world have been placing millions of dollars on who will win that race. As interest in betting on US politics reaches a new high, the FT’s Oliver Roeder and Sam Learner explain how these markets work and what can (and can’t) be learned from them. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Prediction markets can tell the future. Why is the US so afraid of them?Take political betting markets literally, not seriouslyWhat the polls can’t tell us about America’s election- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Activist investors tend to rely on an element of surprise to catch their target company off guard: quietly building up a stake and swooping in with a slide deck full of strategic changes at just the right moment. That’s not what happened at the beginning of a recent campaign led by the hedge fund Starboard Value against pharmaceutical giant Pfizer. The FT’s Oliver Barnes, US pharmaceutical and biotech correspondent, and Maria Heeter, US deals correspondent, examine what went awry and what happens next.    Clips from CBS, ABC, CNBC, NBC   - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Starboard plotted a campaign against Pfizer’s chief. Then a blank email dropped in his inboxWhy Pfizer sorely needs the activist treatment Starboard-Pfizer battle strains Guggenheim’s relationship with drugmaker- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Oliver Barnes (@mroliverbarnes), Maria Heeter (@HeeterMaria) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 3 and 4 in London: Enter BTM20 for a 20% discount (applicable on all ticket types), register here.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains.   Clips from Lionsgate- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:New titans of Wall Street: how trading firms stole a march on big banksNew titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches‘King of the geeks’: how Alex Gerko built a British trading titan The limits of bond market electronification- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com  Hosted on Acast. See acast.com/privacy for more information.

After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revealed that it had built up a stake in Germany’s Commerzbank, prompting discussions of a possible tie-up. EU policymakers and politicians believe cross-border deals like this could unlock European banking and make it more competitive globally. So why is there resistance? The FT’s European banking correspondent Owen Walker explains. Clips from Bloomberg, BBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Andrea Orcel plots UniCredit’s boldest move yet on CommerzbankAndrea Orcel, Commerzbank and the redemption tradeEurope’s most notorious banking dealmaker returns- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Owen Walker (@OwenWalker0) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After mounting a comeback, Netflix shares recently hit all-time highs. But its success is in stark contrast to the rest of Hollywood, which is struggling to adapt in an industry that is becoming more and more dominated by tech companies. The FT’s Los Angeles bureau chief Chris Grimes explains how Netflix came out on top and how its dominance could change the rules of Hollywood.Clips from AP Archive, CBS, Evening Standard, Reuters, NBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Netflix won the streaming warsNetflix profits surge after password-sharing crackdownStreaming wars are over and Netflix wonNetflix faces tough battle in advertising wars- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Chris Grimes (@grimes_ce) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Volkswagen is facing a crisis. Often considered a symbol of Germany’s industrial power, it’s now reckoning with a difficult transition to electric vehicles, among other issues. And now, management is considering breaking a long-held taboo: closing German factories. Patricia Nilsson, the FT’s Frankfurt correspondent, heads to VW’s headquarters in Wolfsburg to examine the fallout and what’s next.    Clips from Bloomberg, DW News, CNN- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:For European carmakers, EVs are a Catch-22Why Volkswagen is seeking to break the taboo of closing German plantsVW audit of Xinjiang plant failed to meet international standards- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Patricia Nilsson (@patricianilsson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Companies in Japan have long avoided foreign acquisitions. But Canada-based Alimentation Couche-Tard’s recent unsolicited bid for the owner of the 7-Eleven convenience store chain is testing that premise. The FT’s Tokyo bureau chief Leo Lewis examines how these events could shape corporate Japan’s future.  - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The takeover fight that could reshape Japan After 7-Eleven, Japan’s M&A scene may never be the same again7-Eleven bid is the next stage in revitalising corporate Japan - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Leo Lewis (@urbandirt) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As Jay Powell’s Federal Reserve contemplates making the first interest rate cut in more than two years, we’re taking a step back with the FT’s US financial commentator Robert Armstrong. How did Powell tame inflation without crashing the economy? And how might history judge his leadership?Clips from Associated Press - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Is Jay Powell lucky or good?Remain calm Martin Sandbu’s column: A self-congratulatory inflation narrative at Jackson Hole - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Robert Armstrong (@rbrtrmstrng) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Want to hear more from Rob? Listen to the Unhedged podcast. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Dubai became ‘the new Geneva’ for Russian oil tradeSwitzerland questions oil trader over sidestep of Russian sanctionsLetter: Energy trading is opaque — and that suits Big Oil- - - - - - - - - - - - - - - - - - - - - - - - - - Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read the transcript of this episode which was first aired in August 2023 Hosted on Acast. See acast.com/privacy for more information.

Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be hidden in the sector. The FT’s senior US corporate finance correspondent Eric Platt and Due Diligence reporter Amelia Pollard walk through what went wrong with Pluralsight, and how that could shape private credit’s future. Clips from Bloomberg, CNBC- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:A messy loan restructuring highlights risk lurking in private creditPrivate credit is even larger than you thinkA buyout gone wrong creates fireworks in the private credit marketVista and co-investors lose $4bn in Pluralsight restructuring- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Eric Platt (@ericgplatt), Amelia Pollard (@ameliajpollard) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been enticed by low taxes, light regulation and the promise to run their businesses on their own terms. But the FT’s Houston correspondent Myles McCormick explains that there might be limits to that message of economic freedom.Clips from ABC News, CBS, Fox 26, KHOU 11- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Will US companies keep faith in the ‘Texas miracle’?Beware the Texas advance on Wall StreetTexas group plans stock exchange to compete with NYSE and NasdaqFor further listening: Why Elon Musk is breaking up with Delaware- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - - Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Indian equities are soaring right now. The country’s benchmark Nifty 50 index has doubled in just five years, beating out the pace of Japan, China and even the US. And it’s all being driven by millions of domestic investors who are piling into the market for the first time. But this boom has regulators sounding the alarm. The FT’s Mumbai correspondent Chris Kay explains why a bubble might be forming and what could happen to these first-time investors if it bursts. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The young investors gambling on Indian stocksInvestors bet an election win by Narendra Modi will extend India’s stock market boomIndia closes in on China as largest emerging market- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Chris Kay (@christopherkay) and Saffeya Ahmed (@saffeya_ahmed).Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we’re bringing you something from our fellow FT podcast, The Economics Show with Soumaya Keynes. Sir Angus Deaton won the Nobel Prize in Economics in 2015. So when he says he is rethinking many of his assumptions about the field, it matters. Today on the show, Soumaya discusses what we are getting wrong about everything from inequality to immigration to the role of globalisation in the reduction of poverty.Soumaya Keynes writes a column each week for the Financial Times. You can find it here.Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen.Read a transcript of this episode on FT.com- - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here). Hosted on Acast. See acast.com/privacy for more information.

Remuneration among CEOs in the US is rising quickly. It’s been hard to miss recent examples of massive pay packages, like for Tesla’s Elon Musk. But that growth is far outpacing that of wages for everyday workers in the US. The FT’s corporate governance reporter Patrick Temple-West outlines some reasons this is happening and looks at whether change is afoot. Clips from Associated Press, CNBC, BBC News- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:US executive pay rises at fastest rate in 14 years Business school teaching case study: executive pay and shareholder democracy UK-US CEO pay gap widens as FTSE bosses’ remuneration stagnates - - - - - - - - - - - - - - - - - - - - - - - - - - Plus, tell us what you think about Behind the Money! Complete this survey before August 29 for a chance to win a pair of Bose QuietComfort 35 Wireless headphones (terms and conditions can be found here). And, send us a question: Behind the Money is teaming up with the FT’s Moral Money newsletter to answer your questions about what “responsible” business and finance really looks like in the 21st century. That means topics like sustainability, ESG, diversity and inclusion and clean energy investment. We might read out, or play the question from your voicemail with your name, on the show. To get in touch, record a voice message here: sayhi.chat/0humz, or send us an email with your question to michela.tindera@ft.com. On X, follow Patrick Temple-West (@temple_west) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.