Behind the Money

The Economics Show: What economics gets wrong about human behaviour, with Richard Thaler

24 Dec 2025

Contributed by Lukas

Economists like to model people as rational creatures who make self-interested decisions. But humans don’t act that way. Why do investors, politicia...

The quiet success of Fidelity Investments

17 Dec 2025

Contributed by Lukas

Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues su...

Whistleblowing in the UK, Ep. 2: Is it ‘British’ to pay whistleblowers?

15 Dec 2025

Contributed by Lukas

In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corpor...

Business Book of the Year: Author Stephen Witt on Nvidia’s rise

10 Dec 2025

Contributed by Lukas

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 ...

Whistleblowing in the UK, Ep. 1: The cost of speaking up

08 Dec 2025

Contributed by Lukas

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at th...

Coming soon: The cost of corporate whistleblowing in the UK

05 Dec 2025

Contributed by Lukas

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at th...

Business History: The Secret of Southwest’s Success

03 Dec 2025

Contributed by Lukas

This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Sm...

KKR, Bain and private equity’s push into Japan

26 Nov 2025

Contributed by Lukas

When international private equity groups first entered Japan at the turn of the 20th century, newspapers criticised them as vulture funds and politici...

Coming soon from Tech Tonic: Defying death

24 Nov 2025

Contributed by Lukas

Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes...

What’s the deal with OpenAI's deals?

19 Nov 2025

Contributed by Lukas

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 ...

Pfizer and Novo Nordisk’s $10bn battle over weight-loss drugs

12 Nov 2025

Contributed by Lukas

Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that...

The $17bn nuclear start-up without any revenue

05 Nov 2025

Contributed by Lukas

Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’...

$12bn of debt: How First Brands Group collapsed

29 Oct 2025

Contributed by Lukas

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The comp...

Can the world’s largest listed hedge fund rebound?

22 Oct 2025

Contributed by Lukas

The world’s largest listed hedge fund manager, Man Group, is at a crossroads. After years of high flying thanks to its innovative quant trading stra...

Introducing Untold: Toxic Legacy

16 Oct 2025

Contributed by Lukas

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You mig...

The meltdown at Nestlé

15 Oct 2025

Contributed by Lukas

From KitKat candy bars to Perrier mineral water, Nestlé owns thousands of brands. But recently the world’s largest food and beverage company has se...

Elon Musk and the end of a telecom tycoon’s dream

08 Oct 2025

Contributed by Lukas

In recent weeks, satellite business EchoStar has clinched multibillion-dollar deals with SpaceX and AT&T. It may sound like boom times for founder...

Coming soon from Tech Tonic: Mission to Mars

06 Oct 2025

Contributed by Lukas

US President Donald Trump has pledged to “plant the stars and stripes on the planet Mars”, China could send its first crewed mission to Mars withi...

The unsustainable boom in India’s Silicon Valley

01 Oct 2025

Contributed by Lukas

India’s tech hub Bangalore has experienced huge growth of companies and employees in the past two decades. But the city’s infrastructure is not ke...

Vote for Behind the Money in the Signal Awards!

26 Sep 2025

Contributed by Lukas

Behind the Money has been nominated for a Signal Award in the Money & Finance category! It's a Listener Choice award, which means we need your hel...

A subprime auto lender collapsed. Wall Street has questions

24 Sep 2025

Contributed by Lukas

The recent collapse of Tricolor Holdings, a subprime auto lender in Texas, has left a trail of losses and questions from Wall Street to low-income imm...

Is there a future for the ‘Amazon of Africa’?

17 Sep 2025

Contributed by Lukas

Ecommerce start-up Jumia was supposed to become the “Amazon of Africa”. Its prospects seemed promising after raising close to $800mn prior to its ...

How the diamond industry lost its sparkle

10 Sep 2025

Contributed by Lukas

The natural diamond industry is facing an existential threat: lab-grown diamonds. They’re chemically and physically identical to natural stones, and...

Chevron prepares to take on ExxonMobil

03 Sep 2025

Contributed by Lukas

Earlier this summer, energy supermajor Chevron secured access to one of the most valuable oilfields in the world. It was the culmination of a months-l...

Coming soon from Tech Tonic: Will AI ruin music?

29 Aug 2025

Contributed by Lukas

AI music generators - platforms that use artificial intelligence to create new, original music from scratch - can make songs that are almost indisting...

Unhedged: The Fed under attack

27 Aug 2025

Contributed by Lukas

This week we're sharing an episode from, Unhedged, another podcast from the FT network.The annual meeting of central bankers in Jackson Hole, Wyoming,...

Palantir’s relentless rise

20 Aug 2025

Contributed by Lukas

Palantir shares have soared this year, making the data analytics company one of the most valuable listed US tech groups. The FT’s Tabby Kinder expla...

Why Big Tobacco is buzzing over nicotine pouches

19 Aug 2025

Contributed by Lukas

This is a revised version of an earlier episode and clarifies the position of Zyn in the US market.As the popularity of cigarettes has slid in the pas...

Can Bobby Jain build the next hedge fund giant?

06 Aug 2025

Contributed by Lukas

Two summers ago, hedge fund manager Bobby Jain set out with a huge goal: build a hedge fund that can rival the likes of industry giants Citadel and Mi...

Fixable: How to bring a business back to life

30 Jul 2025

Contributed by Lukas

This week we’re sharing an episode from Fixable, a podcast from TED. In it, hear about the resurrection of Barnes & Noble. Chief revival ar...

Wall Street banks and private equity’s tussle over junior talent

23 Jul 2025

Contributed by Lukas

The competition for junior talent between private equity and Wall Street banks reached a new peak this summer. That’s thanks to a controversial recr...

Introducing Tech Tonic: The rise and fall of Trump’s tech bros

22 Jul 2025

Contributed by Lukas

Can Tim Cook save Apple from the trade war? Has Mark Zuckerberg really been a fan of Donald Trump all along? And is the bromance between Elon Musk and...

Inside BCG’s Gaza work scandal

16 Jul 2025

Contributed by Lukas

Top consulting firms have repeatedly found themselves facing a reputational crisis. The most recent example was in early July, when a Financial Times ...

A case of Schrödinger’s tariffs

09 Jul 2025

Contributed by Lukas

It’s been exactly 90 days since US President Donald Trump paused most of his ‘reciprocal’ tariffs. With just a 10 per cent blanket tariff on all...

How oil traders called the Middle East war

02 Jul 2025

Contributed by Lukas

When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there w...

The end of the UK’s ‘bailout era’

25 Jun 2025

Contributed by Lukas

The Royal Bank of Scotland was once the biggest bank in the world. Then, hubris got the best of it. During the financial crisis the UK government spen...

Inside Moët Hennessy’s crisis

18 Jun 2025

Contributed by Lukas

LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recentl...

How Indonesia cornered the nickel market

11 Jun 2025

Contributed by Lukas

A decade ago, Indonesia produced only 6% of the world’s supply of refined nickel. Now, it has a de facto monopoly on the market. How did it hap...

Coming soon: The Wolf-Krugman Exchange

04 Jun 2025

Contributed by Lukas

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugma...

Why Blackstone, KKR and Apollo are moving in different directions

04 Jun 2025

Contributed by Lukas

Blackstone, Apollo and KKR. Although they have similar origins, these three top private capital groups are moving in different directions amid tumultu...

Swamp Notes: Trump’s next 100 days

28 May 2025

Contributed by Lukas

This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central ...

How Trump’s tariffs threaten Ireland’s pharma fortune

21 May 2025

Contributed by Lukas

Ireland has become a major base for US pharma companies, including Pfizer, Eli Lilly and Johnson & Johnson. That’s bolstered the economies of in...

GE Vernova tries to shake its parent’s problems

14 May 2025

Contributed by Lukas

Massive conglomerates used to define corporate best practice. Think about a company like General Electric, known as “the everything company”. But ...

The FTC commissioner fired by Trump

07 May 2025

Contributed by Lukas

In March, Alvaro Bedoya and Rebecca Kelly Slaughter, two Democratic members of the Federal Trade Commission, were fired from their jobs by the Trump a...

Has Goldman Sachs already chosen its next CEO?

30 Apr 2025

Contributed by Lukas

Goldman Sachs may have picked its next chief executive years before any planned handover. It has raised eyebrows on Wall Street and would break from t...

Lessons from the recent US Treasuries sell-off

23 Apr 2025

Contributed by Lukas

Markets shook after US President Donald Trump announced his so-called reciprocal tariffs earlier this month. But there was one market in particular th...

How China's global trade strategy could backfire

16 Apr 2025

Contributed by Lukas

Over the past three decades, China has built itself into a manufacturing powerhouse. The plan was simple: use exports as a way to avoid becoming too d...

Apple navigates Trump’s tariffs

09 Apr 2025

Contributed by Lukas

US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple...

Why Islamic banking is taking off

02 Apr 2025

Contributed by Lukas

A huge chunk of any typical bank’s profits comes from charging interest. But what happens when you can’t do that? This week, we’re traveling to ...

Retail’s last barbarian takes on Walgreens Boots

26 Mar 2025

Contributed by Lukas

Years ago, an ailing company like Walgreens Boots Alliance may have seemed like a prime acquisition target for deal-hungry private equity firms. But m...

How high gold prices are fueling a chocolate shortage

19 Mar 2025

Contributed by Lukas

The surging price of gold is leading to some unexpected outcomes. The FT’s Aanu Adeoye traveled to Ghana to see how this is playing out among two of...

Inside an investment banking battle royale

12 Mar 2025

Contributed by Lukas

Disputes over power and pay aren’t unusual at Wall Street’s top firms. What isn’t ordinary is when the conflict turns into a decade-long legal b...

Tracking Russia’s ‘shadow fleet’

05 Mar 2025

Contributed by Lukas

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in pla...

Vanguard: can it keep playing disruptor?

26 Feb 2025

Contributed by Lukas

Vanguard became a powerhouse money manager thanks to a commitment to the philosophy of founder Jack Bogle. Now, with a new chief executive, can the fi...

The story behind DeepSeek’s breakthrough

19 Feb 2025

Contributed by Lukas

This January, DeepSeek made an announcement that changed the artificial intelligence landscape. The Chinese start-up said that it had trained the late...

Can NYSE stay up all night?

12 Feb 2025

Contributed by Lukas

The New York Stock Exchange wants to get in on a growing trend amongst investors: overnight stock trading. The largest exchange in the world recently ...

Why Big Oil is resisting Trump’s call to ‘drill, baby, drill'

05 Feb 2025

Contributed by Lukas

US President Donald Trump wants energy producers to drill for more oil. He claims it will lower prices for consumers and tackle inflation. But oil com...

Mexico faces a deficit – and Donald Trump

29 Jan 2025

Contributed by Lukas

Mexico’s new president Claudia Sheinbaum is pursuing an ambitious agenda for her country. It promises a better standard of living for Mexicans. But ...

Inside Wall Street’s ‘SRT’ phenomenon

22 Jan 2025

Contributed by Lukas

Every so often a cool new financial innovation springs up and gains popularity on Wall Street, promising juicy returns for investors. That’s why “...

Not everyone will win in Trump's M&A revival

15 Jan 2025

Contributed by Lukas

Wall Street dealmakers are itching for an M&A revival during president-elect Donald Trump’s second term. But as he prepares to move back to the ...

What crypto wants from Trump

08 Jan 2025

Contributed by Lukas

Pro-crypto investors spent millions to re-elect Donald Trump to the US presidency, after he told voters he wanted to make America the “crypto capita...

Business Book of the Year: Author Parmy Olson on the rise and risks of AI

01 Jan 2025

Contributed by Lukas

In early December, the Financial Times and Schroders selected the 2024 winner of the Best Business Book of the Year. That book is called Supremacy: AI...

Introducing Slate Money: The Week of Minor Apocalypses

25 Dec 2024

Contributed by Lukas

From Slate Money: South Korea and France are the latest governments to fall apart. Felix Salmon, Emily Peck, and Elizabeth Spiers discuss the public c...

How the AI boom is reviving Three Mile Island

18 Dec 2024

Contributed by Lukas

Tech companies such as Google, Amazon and Microsoft need loads of electricity to power their artificial intelligence goals, and they are looking into ...

What Trump’s presidency means for banking

11 Dec 2024

Contributed by Lukas

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 banki...

Why Northvolt failed to become Europe’s battery champion

04 Dec 2024

Contributed by Lukas

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 tr...

Best of: Berkshire after Warren Buffett

27 Nov 2024

Contributed by Lukas

This week, we’re going back to Omaha, Nebraska. Behind the Money and the FT’s senior corporate finance correspondent travelled there this spring t...

China’s economy braces for Trump

20 Nov 2024

Contributed by Lukas

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 i...

Wall Street, tech and energy during Trump’s second term

13 Nov 2024

Contributed by Lukas

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 Jam...

Private equity’s experiment with worker ownership

06 Nov 2024

Contributed by Lukas

Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seem...

US election betting is on a roll

30 Oct 2024

Contributed by Lukas

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 se...

An activist tried to take on Pfizer. Then things got messy

23 Oct 2024

Contributed by Lukas

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 ...

Wall Street’s new trading titans

16 Oct 2024

Contributed by Lukas

When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel ...

Could Italy’s UniCredit reignite European banking?

09 Oct 2024

Contributed by Lukas

After the financial crisis, dealmaking among banks in different countries in Europe fell to a standstill. But recently, Italian lender UniCredit revea...

How Netflix is upending Hollywood

02 Oct 2024

Contributed by Lukas

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 struggl...

Why Volkswagen hit the skids

25 Sep 2024

Contributed by Lukas

Volkswagen is facing a crisis. Often considered a symbol of Germany’s industrial power, it’s now reckoning with a difficult transition to electric...

How a 7-Eleven takeover could reshape corporate Japan

18 Sep 2024

Contributed by Lukas

Companies in Japan have long avoided foreign acquisitions. But Canada-based Alimentation Couche-Tard’s recent unsolicited bid for the owner of the 7...

Jay Powell – lucky or good?

11 Sep 2024

Contributed by Lukas

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 U...

Best Of: How Dubai is reshaping the global oil trade

04 Sep 2024

Contributed by Lukas

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 w...

Private credit’s ‘golden era’ shows signs of tarnish

28 Aug 2024

Contributed by Lukas

Private credit took Wall Street by storm. But at a software company called Pluralsight, recent loan troubles are now highlighting risks that could be ...

Is business better in Texas?

21 Aug 2024

Contributed by Lukas

Hundreds of companies have moved their headquarters to Texas in recent years, including big names like Tesla, HP and Charles Schwab. They’ve been en...

Is there a bubble waiting to burst in India?

14 Aug 2024

Contributed by Lukas

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 a...

The Economics Show with Soumaya Keynes: What’s wrong with economics?

07 Aug 2024

Contributed by Lukas

This week, we’re bringing you something from our fellow FT podcast, The Economics Show with Soumaya Keynes. Sir Angus Deaton won the Nobel Priz...

Why executive pay is skyrocketing

31 Jul 2024

Contributed by Lukas

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. B...

Less regulation, more problems?

24 Jul 2024

Contributed by Lukas

Two recent Supreme Court decisions have taken a lot of rulemaking power away from federal agencies. And it could shake up how businesses in the US ope...

What the City of London wants from Labour

17 Jul 2024

Contributed by Lukas

The Labour Party has come back into power in the UK after 14 years. For the City of London, this brings hope for some stability amid the rise of compe...

F1’s American test drive

10 Jul 2024

Contributed by Lukas

The owner of motor racing giant Formula One is racing to capture the American sports audience. Thanks, in part, to efforts like the Netflix series Dri...

Best Of: BlackRock goes all in on infrastructure

03 Jul 2024

Contributed by Lukas

This week, we’re revisiting an episode from earlier this year. BlackRock chief executive Larry Fink has been on the hunt for the money manager’s n...

Will Exxon make or break Guyana?

26 Jun 2024

Contributed by Lukas

Exxon Mobil struck black gold in 2015 when it discovered a massive oil reserve off the coast of Guyana in South America. It’s poised to make Guyana ...

Bankers vs the Fed: ‘Endgame’

19 Jun 2024

Contributed by Lukas

Banks in the US are locked in a bitter fight with regulators. It’s all about a proposed set of rules with an unusual name, Basel III Endgame. Regula...

The wrinkle in Shein’s IPO plans

12 Jun 2024

Contributed by Lukas

In November, online fast-fashion giant Shein filed paperwork to go public in the US. Since then the process has not moved forward at all — and it lo...

Can anyone afford an NBA team?

05 Jun 2024

Contributed by Lukas

The 2024 NBA Playoffs are in full swing, but eyes are still on a team that was knocked out last week. The Minnesota Timberwolves are caught up in an o...

Best Of: Inside a hedge fund disaster

29 May 2024

Contributed by Lukas

This week, we’re revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och to...

Why auditors are missing red flags

22 May 2024

Contributed by Lukas

Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the ...

Introducing Untold: Power for Sale

20 May 2024

Contributed by Lukas

Introducing Power for Sale, a new season of Untold from the Financial Times. In Untold: Power for Sale, host Valentina Pop and a team of FT corre...

Dispatch from Omaha: Berkshire after Warren Buffett

15 May 2024

Contributed by Lukas

Late last year, Warren Buffett’s close business confidant Charlie Munger died at 99. Munger’s death and Buffett’s upcoming 94th birthday have re...

Coming soon: China, the new tech superpower

10 May 2024

Contributed by Lukas

In a new season of Tech Tonic, longtime FT China reporter Jame Kynge travels around the world to see how China is pushing towards tech supremacy. Will...

Was the Archegos implosion illegal?

08 May 2024

Contributed by Lukas

Three years ago, chaos struck Wall Street. Companies saw their share prices tumble, seemingly out of nowhere. Major banks lost billions of dollars in ...

How shale rewrote the global oil order

01 May 2024

Contributed by Lukas

For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a ...

When M&A goes wrong

24 Apr 2024

Contributed by Lukas

When a company is sold there tends to be a standard playbook: There’s some tough negotiations. Then, the buyer gets a business and the seller gets a...